SINGAPORE — Oil prices rose sharply on Friday as renewed U.S. and Iranian military strikes intensified concerns over disruptions to energy shipments through the Strait of Hormuz, one of the world's most important oil transit routes.
Brent crude and U.S. West Texas Intermediate remained near one-month highs after several sessions of gains driven by escalating tensions, although prices pared some earlier advances in volatile trading, according to market data.
The latest moves followed renewed U.S. strikes on Iranian military targets and continued Iranian threats to disrupt regional energy exports after a fragile truce between the two countries collapsed. The Strait of Hormuz, through which roughly one-fifth of global oil consumption normally passes, has become the focus of growing concern among energy markets and shipping companies.
Maritime security and shipping industry sources told Reuters that some operators have become increasingly reluctant to use U.S.-military-guided transit arrangements through the waterway following recent attacks on commercial vessels, underscoring persistent concerns over navigational safety.
Analysts said the risk premium embedded in oil prices reflects uncertainty over the security of crude and liquefied natural gas shipments rather than confirmed large-scale supply losses. Increased Iraqi crude exports have helped offset part of the disruption, limiting further gains in benchmark prices, according to market participants.
The situation remained fluid on Friday, with military operations continuing and no confirmed resolution to the shipping disruptions in the Strait of Hormuz. Authorities and industry participants continued to monitor vessel movements and regional security conditions.
