Global oil markets faced renewed pressure on Friday as fresh concerns over the Strait of Hormuz, a critical energy route, pushed prices higher and revived fears of possible supply disruptions.
The rise came after Iran considered new restrictions on vessels passing through the waterway, increasing uncertainty for traders already monitoring the impact of regional tensions on global energy supplies.
Brent crude futures climbed 99 cents, or 1.2%, to $83.48 a barrel, while US West Texas Intermediate (WTI) crude gained 85 cents, or 1.1%, to $78.84 by 0010 GMT.
The increase followed a sharp gain of more than $3 per barrel on Thursday, after reports emerged that Iran was reviewing measures to restrict US, Israeli, and other vessels considered hostile from using the Strait of Hormuz.
The Strait of Hormuz, located between Iran and Oman, is one of the world’s most important energy corridors, with around one-fifth of global oil and liquefied natural gas (LNG) supplies passing through the route.
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An Iranian parliamentary committee is reviewing a preliminary proposal that could prevent certain vessels from using the strait and impose financial penalties on ships that violate the restrictions, according to reports by Iranian media.
A senior Iranian official said Tehran was seeking fees from vessels using the waterway, while Oman has also discussed possible charges. However, industry sources warned that implementing such measures could face challenges due to sanctions, payment restrictions, and insurance concerns.
Oil prices had eased earlier in the week as expectations grew that diplomatic efforts could help reduce tensions. However, concerns over shipping disruptions pushed Brent crude above $80 per barrel again.
Tim Waterer, chief market analyst at KCM Trade, said market confidence remained limited, as traders questioned whether any future agreement would be enough to restore normal tanker movement through the region.
Meanwhile, Yemen’s Houthi group claimed responsibility for missile and drone attacks targeting Saudi deployments in Marib and Hadramout, adding further uncertainty to the region’s security situation.
US President Donald Trump said Thursday that he believed the conflict could end soon, but uncertainty over regional developments continued to influence energy markets.
Analysts warned that any prolonged disruption in the Strait of Hormuz could further increase oil prices and put additional pressure on global energy supplies.
