Oil prices rose on Friday and were on track to end the week higher as concerns over oil supplies from the Middle East continued after fresh fighting involving the United States and Iran. The conflict has disrupted shipping through the Strait of Hormuz, one of the world's most important oil routes.
By 3:19 GMT, Brent crude futures had increased by 19 cents, or 0.25%, to $76.49 per barrel, while US West Texas Intermediate (WTI) crude also rose 19 cents, or 0.26%, to $72.27 per barrel.
For the week, Brent crude was set to gain around 6%, while WTI was expected to rise about 5%.
Vandana Hari, founder of oil market research firm Vanda Insights, said oil prices have fallen slightly from this week's highs, but they still include a risk premium because shipping through the Strait of Hormuz has almost stopped.
She added that hopes for renewed diplomatic talks between the United States and Iran are helping prevent oil prices from rising even further.
The latest tensions began after Iranian forces launched attacks on US military facilities in Gulf countries on Thursday. The strikes came in response to recent US attacks on Iranian military targets, increasing fears of further conflict.
Iranian media also reported several explosions in southern parts of the country, including Bushehr, home to one of Iran's nuclear power plants.
The renewed fighting has delayed the reopening of the Strait of Hormuz, a key waterway that normally carries about 20% of the world's daily oil and gas supplies.
According to ship-tracking data, tanker traffic through the strait was almost at a standstill on Thursday as shipping companies reviewed the security risks following the latest attacks.
Despite the rising tensions, US President Donald Trump said on Wednesday that he does not expect the conflict to develop into a larger war and believes any further fighting would end quickly.
Daniel Hynes, senior commodity strategist at ANZ Bank, said oil markets were also reassured because the United States has avoided targeting Iran's oil facilities, reducing fears of major disruptions to global energy supplies.
