Brent and West Texas Intermediate (WTI) futures were both on track for weekly gains, driven by an escalation in regional military activity and muted oil flows through a key global shipping chokepoint.<\/p>\n
Brent oil futures for August delivery rose nearly 0.8% to $95.75 a barrel by 23:05 ET (03:05 GMT), while West Texas Intermediate crude futures increased 0.5% to $90.47 a barrel. Both benchmarks were set to add between 3% and 6% over the week.<\/p>\n
The price advance followed a flare-up in military tensions across the Middle East. The U.S. and Iran traded airstrikes, while fighting between Israel and Hezbollah forces in Lebanon intensified. The Iran-backed, Lebanon-based Hezbollah militia on Thursday rejected a proposed ceasefire with Israel, stating it would not withdraw its troops and denouncing Lebanon-Israel negotiations.<\/p>\n
Israel maintained its air strikes in southern Lebanon, prompting retaliatory attacks from Hezbollah. Israeli officials signaled that forces would not withdraw from southern Lebanon or halt operations, despite a brief pause earlier in the week.<\/p>\n
The latest developments further weakened prospects for a U.S.-Iran peace agreement. Tehran has repeatedly indicated that a ceasefire in Lebanon is a key condition for any lasting deal. Reports earlier in the week showed Iran had halted indirect negotiations with the U.S., after accusing Washington of violating their ceasefire through recent attacks.<\/p>\n
The U.S. struck several targets in Iran this week, drawing retaliatory attacks by the Revolutionary Guard against American targets in Kuwait and Beirut. This occurred even as U.S. officials stated that a peace deal with Iran was close and that talks were ongoing, though the report noted little visible diplomatic progress since at least late March.<\/p>\n
Brent and WTI futures benefited from continuing disruptions to oil flows through the Strait of Hormuz. Although U.S. intervention helped increase ship crossings, flows remained well below pre-war levels. Given that roughly a fifth of global oil consumption passed through Hormuz prior to the conflict, the ongoing constraints pointed to limited immediate improvement in global oil supplies. The absence of clear deescalation in the regional conflict continued to underpin crude prices.<\/p>\n
Why did oil prices rise on Friday?<\/strong> What are the current price levels for Brent and WTI?<\/strong> How have oil prices performed over the week?<\/strong> Why is the Strait of Hormuz significant for oil markets?<\/strong>
Oil prices rose on Friday due to escalating geopolitical tensions in the Middle East, including Hezbollah\u2019s rejection of a ceasefire with Israel, ongoing fighting in Lebanon, and U.S.-Iran airstrikes, all of which heightened concerns over supply risks.<\/p>\n
Brent oil futures for August were trading around $95.75 a barrel, while West Texas Intermediate crude futures were at approximately $90.47 a barrel by 23:05 ET (03:05 GMT).<\/p>\n
Both Brent and WTI futures were on track to gain between 3% and 6% over the week, supported by regional conflict and constrained oil flows through the Strait of Hormuz.<\/p>\n
The Strait of Hormuz is a key shipping route through which roughly a fifth of the world\u2019s oil consumption passed before the war. Continued muted flows through this channel signal potential supply tightness and help support crude prices.<\/p>\n