Oil climbs on tanker attacks, US-Iran claims about Hormuz control

Business Recorder reported that crude oil prices rose on Friday after fresh attacks on tankers and a sharp exchange of words between Washington and Iran's leadership. Brent gained 80 cents, a rise of 0.92%, to reach $87.87 a barrel, while US West Texas Intermediate climbed 43 cents to $81.69. The two contracts are on course for weekly advances of 5.09% and 4.37%.

Two vessels linked to the state-owned Abu Dhabi National Oil Company came under attack while passing through the Strait of Hormuz on Thursday, according to the UAE news agency WAM. The UAE government condemned the incident as an Iranian assault, and traffic through the waterway has slipped below its monthly average. Separately, three sources said a drone strike halted crude exports from Russia's Sheskharis terminal at Novorossiysk on Friday.

On Thursday, Washington signaled that its naval blockade of Iran could stay in place without end, and that financial pressure on Tehran would rise as ceasefire negotiations stalled. Treasury Secretary Scott Bessent promised further measures next week, while SEB Research's Bjarne Schieldrop said the chances of traffic returning to normal through Hormuz soon had faded. Offsetting that, OPEC forecasts point to slower demand growth, and US crude inventories recorded the largest weekly rise in over three and a half years.