Middle East Tensions Push Crude Oil Prices Higher

Crude oil prices surged on Friday as disruptions in the Middle East kept supply risks firmly in focus. Brent crude futures traded at $93.55 a barrel, down 0.3% on the session, while U.S. WTI slipped 0.4% to $86.50.

The modest pullback followed five straight sessions of gains during which Brent climbed more than 7% and WTI advanced more than 8%. Middle East supply remains the main driver as shipping through the Strait of Hormuz continues to operate far below normal levels amid the unresolved U.S.-Iran conflict.

Only seven commodity ships passed through the strait on Thursday, compared with 14 a day earlier, according to Kpler data cited by Reuters. Before the conflict, roughly one-fifth of global oil consumption moved through the waterway.