Baghdad: Oil prices surged more than 4% at settlement on Friday evening after the United States and Iran intensified their attacks across the Gulf region, disrupting oil flows through the Strait of Hormuz, while Tehran warned the Houthis to prepare to close the export route through the Red Sea. Brent crude futures rose $3.46, or about 4.11%, to $87.69 a barrel. U.S. West Texas Intermediate crude futures climbed $3.34, or 4.23%, to $82.29 a barrel.

According to National Iraqi News Agency, both benchmarks have risen by about 15% this week, with Brent on track for its third consecutive weekly gain and U.S. crude heading for its second. The escalating military tensions have raised concerns over potential supply disruptions in the region, which is crucial for global oil exports. The Strait of Hormuz is a vital chokepoint through which a significant portion of the world’s oil passes, and any disruption could have a substantial impact on global markets.