Oil prices experienced a slight increase on Friday as tensions escalated between the U.S. and Iran, resulting in intensified attacks across the Gulf. The deteriorating truce has constrained oil flows from the Strait of Hormuz, while Tehran has urged the Houthi movement to prepare for potential disruptions to the Red Sea export route. Brent crude futures increased by $1.05, representing approximately 1.25%, reaching $85.28 a barrel by 0118. Meanwhile, U.S. West Texas Intermediate futures climbed $1.03, or 1.3%, to $79.98 a barrel, recovering losses from the prior session.

Both benchmark contracts have increased by nearly 12% this week, with Brent poised for a third consecutive weekly gain and WTI for a second weekly gain. For the first time since a memorandum of understanding halted hostilities last month, the United States executed two significant waves of air strikes in a single day on Wednesday, primarily targeting locations near Iran’s southern coast, and continued its operations on Thursday. “Oil security is still a critical issue,” International Energy Agency ⁠Executive Director Fatih Birol said on Thursday at a Council on Foreign Relations event in Washington. “We should be worried, and I am worried, if the situation does not improve in the next few weeks,” he said.

In a statement, U.S. Central Command indicated that U.S. forces commenced “a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities” at 2 p.m. or 9:30 p.m. in Tehran. Tehran has responded with missiles and drones aimed at U.S. military installations in adjacent countries, including a series of strikes on a recently expanded air base in Jordan. In light of ongoing oil supply concerns, sources have indicated that Iran’s leadership has instructed its Houthi allies to be ready to shut down the Red Sea oil route should the United States carry out strikes on Iranian power infrastructure.

Analysts indicated that, from a technical perspective, WTI could potentially reach the mid-$80s if it maintains its position above crucial support levels in the mid-$70s. In a notable development, Trump Media & Technology Group has introduced a subscription-based, licensed data feed designed to provide financial institutions with expedited access to content from prominent Truth Social accounts, including that of former President Donald Trump, whose communications frequently impact oil market dynamics.