Crude Prices Steady Amid Ongoing Iran Tensions

Oil prices stabilized in early trade on Friday and were poised to post their first weekly gain in three, despite ongoing uncertainty over the U.S.-Iran conflict and West Asian supplies. The risk premium for crude remained elevated due to concerns about disruptions in the region.

The U.S. and Iran continued to make conflicting claims over control of the Strait of Hormuz, a key waterway that accounts for around 20% of global oil consumption. Iran stated it had full control of the waterway, while the U.S. said it continued to facilitate shipping through the area.

Separate shipping data showed vessels continuing to avoid the strait amid concerns over potential military action. Yemen's Iran-backed Houthi group also began attacking commercial vessels in the Red Sea and Bab al-Mandab Strait, another key shipping lane for crude.