The Kabul Tribune (KT) — Oil prices rose on Friday and were on track for solid weekly gains as renewed fighting between the United States and Iran heightened concerns over potential supply disruptions from the Middle East, particularly through the strategic Strait of Hormuz, Reuters reported.
Brent crude futures rose 19 cents, or 0.25%, to $76.49 a barrel by 0319 GMT, while U.S. West Texas Intermediate (WTI) crude gained 19 cents, or 0.26%, to $72.27 a barrel.
For the week, Brent was on course to gain about 6%, while WTI was set to rise approximately 5%.
"Prices have backed off the mid-week highs, but there is still a substantial risk premium as Hormuz transits are back to a near-standstill with no clear signs on when normal reopening might resume," said Vandana Hari, founder of Vanda Insights.
She added that expectations of renewed diplomacy between Washington and Tehran were helping to limit further price increases.
The latest market gains followed renewed military exchanges between the United States and Iran. Iranian forces launched attacks on U.S. military infrastructure in Gulf states on Thursday after U.S. strikes targeted sites in Iran's southern coastal and eastern provinces, further straining a three-week-old ceasefire.
Iranian media also reported multiple explosions across southern Iran, including in Bushehr, home to one of the country's nuclear power plants.
The renewed hostilities coincided with the funeral of Iran's Supreme Leader, Ayatollah Ali Khamenei, who was killed on the first day of the conflict on Feb. 28, 2026, following a week of nationwide funeral processions.
The fighting has delayed the full reopening of the Strait of Hormuz, a vital shipping route that handled about 20% of global daily oil and gas supplies before the conflict.
Ship-tracking data showed tanker traffic through the strait remained near a standstill on Thursday as vessel operators reassessed security risks following recent attacks, including an Iranian strike on a Qatari liquefied natural gas (LNG) carrier near Oman.
Despite the renewed clashes, U.S. President Donald Trump said on Wednesday that he did not expect the conflict to escalate into a broader war.
"I don't think the war is going to restart," Trump said, adding that "anything that happens is going to be over very quickly."
