Oil market keeps risk premium as Hormuz traffic stalls
Oil prices were on course for a weekly gain Friday as renewed U.S.-Iran fighting kept traders focused on the risk of disrupted energy flows through the Strait of Hormuz. Prices pulled back from midweek highs earlier in the session, but the market remained supported by concern that tanker traffic may not normalize quickly.
Highlights
- Brent rose 1.44% to $77.00, while WTI gained 1.24% to $72.69.
- Brent is set for a weekly gain of about 6%, with WTI up about 5%.
- Hormuz traffic remains the key risk for energy markets.
Brent crude was recently trading at $77.00 a barrel, up 1.44%, while WTI rose 1.24% to $72.69, according to the latest market data shown Friday. Earlier, oil had edged lower as traders reassessed the immediate threat to supply, but Brent was still set for a weekly gain of about 6% and WTI for about 5%, Reuters reported.
Hormuz keeps market on edge
The main pressure point remains the Strait of Hormuz, a waterway that carried about 20% of daily global oil and gas supplies before the war began on Feb. 28. Ship-tracking data showed tanker traffic through the strait was near a standstill Thursday as vessel owners weighed the risk of further attacks.
The latest escalation followed U.S. strikes on Iranian targets and Iranian attacks on U.S. military infrastructure in Gulf states. Iranian media also reported explosions in southern Iran, including near Bushehr, where one of the country’s nuclear facilities is located.
Analysts said oil has lost some of its midweek momentum because there were no new U.S. strikes overnight. Still, lower flows through Hormuz are limiting the downside.
Risk premium remains in crude
The market found some reassurance in the fact that Washington did not target Iranian energy infrastructure. That helped prices ease from the highest levels of the week, even as traders kept a geopolitical premium in crude.
U.S. President Donald Trump said he did not think the war would restart and that any new escalation would be over quickly. But the near-halt in shipping and continued uncertainty over the ceasefire have left the market exposed to sudden price swings.
The International Energy Agency also warned that the renewed U.S.-Iran escalation could affect its forecast for a significant oil surplus next year.
Energy supply risk is not fading
The weekly gain matters because it shows traders are not treating the latest escalation as a short-lived headline. Even without direct attacks on oil infrastructure, shipping risk alone can raise freight costs, delay cargoes, and tighten prompt supply.
If Hormuz traffic stays constrained, oil could remain supported even if broader demand signals soften. For consumers and central banks, that keeps fuel prices and inflation risk back in focus.
We also reported UAE oil output hits record high as Abu Dhabi pushes beyond OPEC limits.
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