International oil prices remained elevated on Friday as traders assessed the impact of rising tensions in the Middle East on global energy supplies and maritime trade. Growing security concerns over key shipping routes have pushed crude prices higher, increasing fears of potential disruptions to oil exports.
Brent crude continued trading above the $100-per-barrel mark, reaching $101.06 during early trading. The benchmark extended its gains after closing above $100 in the previous session for the first time since May and was on course for a weekly increase of about 14.6%, marking a fourth consecutive week of gains.
The latest surge followed claims by Yemen’s Houthi movement that it had targeted two Saudi oil tankers in the Red Sea. The reported attacks renewed concerns over the safety of one of the world’s most important maritime trade routes, which is critical for global oil shipments.
Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude traded near $91.20 per barrel. Although price movements remained relatively stable during the session, WTI was still at its highest level since June 11 and was set for a weekly gain of approximately 11.8%.
The geopolitical tensions intensified after U.S. President Donald Trump warned Iran and its Houthi allies of “major military punishment” following the reported attacks on the Saudi tankers. The Houthis claimed they had launched the strikes and announced what they described as a naval blockade targeting Saudi Arabia.
According to the group, Saudi Arabia had been redirecting millions of barrels of oil each day through pipelines to the Red Sea to bypass Iran’s blockade of the Strait of Hormuz. The developments have increased concerns about the security of two of the world’s most important oil shipping corridors.
Responding on social media, President Trump said the United States would hold Iran responsible for any future Houthi attacks, describing the group as an Iranian proxy. He also indicated that Washington was considering further military action against Iran, while stating that any damage caused to cargo vessels would ultimately be paid for using frozen Iranian assets held by the United States.
The latest developments have heightened uncertainty in global energy markets, with investors closely monitoring geopolitical events in the Middle East. Analysts warn that any further escalation affecting major shipping routes could place additional upward pressure on international oil prices in the coming days.
Also read: Oil Prices Cross $90 amid Strait of Hormuz Tensions
