Oil prices rose again on Friday and were set for their first weekly gain in three weeks, with a new attack on a tanker in the Strait of Hormuz reinforcing concerns about the security of one of the world’s most important energy transit routes.
Brent crude futures climbed 1.0% to $87.90 a barrel, while U.S. West Texas Intermediate futures advanced 1.6% to $82.56 by 04:57 ET. Both benchmarks were up roughly 5% for the week.
The Strait of Hormuz has remained a major source of support for crude prices since the outbreak of the Iran war in late February. Before the conflict, about one-fifth of global oil and liquefied natural gas shipments passed through the waterway.
Tanker strike adds to fears over commercial shipping
The United Kingdom Maritime Trade Operations agency said a tanker trying to exit the Strait of Hormuz was hit by an uncrewed aerial vehicle on Friday.
The vessel sustained minor damage, but all crew members were reported safe and accounted for. No environmental impact was identified.
The UKMTO nevertheless urged ships operating in the area to remain cautious while transiting the strait.
The incident comes against a backdrop of conflicting claims from Washington and Tehran. Iran says it retains full control of the waterway and that commercial traffic remains restricted, while the U.S. says it is continuing to facilitate vessel movements.
U.S. maintains pressure on Tehran
U.S. Defense Secretary Pete Hegseth said Washington could keep a naval blockade of Iranian ports in place indefinitely.
The continued deployment of U.S. naval forces in the Gulf has reportedly already inflicted significant economic damage on Iran.
Treasury Secretary Scott Bessent said the U.S. would apply “measures like have never been seen in the history of economic isolation on a country.”
President Donald Trump has argued that sustained economic pressure will eventually force Iran to meet U.S. demands, including ending its nuclear programme and fully reopening the Strait of Hormuz.
Despite signs that U.S. stockpiles of key weapons have been depleted and no immediate resumption of talks with Tehran is in sight, Trump said a “totally broke” Iran would ultimately give in to the pressure.
Iran considers tougher access rules
Iran’s Parliamentary Committee on Councils has reportedly agreed on a strategic plan for managing the Strait of Hormuz.
Part of the proposal would block vessels and equipment owned by the U.S., Israel and other “hostile countries” from passing through the waterway.
A spokesperson for the committee said those countries had “used the Strait of Hormuz to carry out hostile actions against our country, and have committed unjust and aggressive acts against the Iranian people,” according to Tasnim news agency.
Any move to formalise tighter restrictions would add another layer of uncertainty to the outlook for energy shipments through the Gulf.
Weaker demand outlook caps the rally
Oil’s weekly advance has been limited by softer demand expectations.
Both the Organization of the Petroleum Exporting Countries and the International Energy Agency reduced their forecasts for oil demand this year.
The two organisations warned that weaker economic growth, high energy prices and constrained supplies could dampen consumption in the months ahead.
Those concerns have prevented crude from rising even more sharply, although continued uncertainty around Hormuz means a significant geopolitical risk premium remains embedded in prices.
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