Oil Prices Hold Above $100 as Middle East Tensions Escalate

Oil prices held steady above $100 a barrel on Friday as concerns over potential disruptions to energy shipments through the Red Sea and the risk of a broader escalation in the U.S.-Israeli conflict with Iran continued to support prices.

The Brent crude futures contract, which was trading at $100.3 a barrel by 5:07 GMT, was on track for a fourth straight weekly gain after surging 7 percent in the previous session to settle above $100 for the first time since May.

The rally followed claims by Iran-backed Houthi rebels that they had targeted two Saudi oil tankers in the Red Sea. The Strait of Hormuz shipping activity slowed sharply on Thursday, with just one tanker transiting the waterway, the fewest since May 7, according to ship-tracking firm Kpler.

This has heightened concerns over disruptions to one of the world's most critical oil transit routes. U.S. President Donald Trump pledged to hold Iran responsible for any further attacks, adding to market jitters.