Oil prices posted their strongest weekly performance in months as renewed military tensions in the Middle East pushed both global benchmarks to their highest levels in over a month. According to OilPrice, crude futures were tracking for a 12% weekly gain on Friday—the largest single-week advance since April—driven by ongoing U.S. military operations in the region and concerns over Strait of Hormuz shipping flows.
In Friday's Asian trading session, both major benchmarks extended gains as operations continued. Brent Crude traded 1% higher at $85.06 per barrel, while WTI Crude, the U.S. benchmark, climbed 1.2% to $79.88. The strength reflected broader market concerns about supply disruptions and the potential for further escalation affecting one of the world's most critical energy transit routes.
The rally underscores how geopolitical developments remain a primary driver of crude valuations, with markets pricing in risk premiums amid heightened Middle East instability. Traders continue monitoring developments closely as they assess potential impacts on global energy supplies and prices ahead.