Global oil prices climbed sharply on Friday, putting crude on course for one of its biggest weekly gains in recent years as rising tensions in the Middle East raise concerns about disruptions to global energy supply.
Brent crude, the international benchmark, traded above $88 per barrel in early trading, recording a gain of more than 4 percent on the day. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) rose to about $85.90 per barrel after adding more than $4.80.
Another key benchmark, Murban crude from Abu Dhabi, surged close to the $100 mark, trading at around $99.60 per barrel. The sharp rise highlights growing anxiety in global markets over the stability of oil flows from the Persian Gulf.
The latest rally comes amid escalating geopolitical tensions involving Iran and the United States, which have raised fears about the safety of oil shipments passing through the Strait of Hormuz — one of the world’s most vital energy corridors.
The narrow waterway is responsible for transporting nearly one-fifth of the world’s traded crude oil. Because of its strategic importance, even the slightest threat to tanker movement through the strait can trigger strong reactions in global markets as traders rush to factor potential supply disruptions into prices.
Oil prices have surged significantly throughout the week, with analysts noting that the current rally could mark the largest weekly increase in nearly four years.
Market movements are also reflected in the narrowing price gap between Brent crude and WTI. Just a week ago, Brent traded about $8 to $9 higher than WTI, but the difference has now shrunk to roughly $7 per barrel.
Typically, geopolitical tensions in the Persian Gulf push Brent prices higher relative to WTI because Brent reflects globally traded seaborne oil. However, the recent narrowing suggests traders are increasingly bidding up U.S. crude as buyers anticipate stronger demand for American exports if Middle Eastern supplies face disruptions.
The surge in Murban crude prices further signals pressure in markets most dependent on Persian Gulf exports, particularly in Asia. As prices approach $100 per barrel, Asian refiners are already grappling with rising costs for crude supplies.
In Washington, the White House has indicated that officials are exploring measures to reduce the economic impact of rising oil prices. Possible interventions are being discussed to cushion consumers should the price surge continue.
For now, analysts say oil markets are likely to remain volatile as long as uncertainty persists around shipping routes in the Strait of Hormuz, with Brent crude edging closer to the $90 per barrel threshold and some global benchmarks already approaching triple-digit territory.
