Global oil prices climbed on Friday as markets reacted to escalating tensions between the United States and Iran following U.S. military operations and renewed threats by President Donald Trump to target key Iranian facilities.

International benchmark Brent crude futures for September delivery rose 0.9% to $85.01 per barrel, while U.S. West Texas Intermediate (WTI) crude for August delivery gained 1% to $79.74 per barrel, extending gains after reaching their highest settlement since mid-June. Both benchmarks have risen more than 11% this week, putting them on course for their strongest weekly performance since late April.

The latest market rally comes amid growing concerns over regional stability after the U.S. Central Command (CENTCOM) announced it had completed its sixth consecutive night of military strikes against Iran. According to CENTCOM, the attacks targeted military logistics infrastructure and maritime capabilities, while more than 50,000 U.S. service members remain deployed across the Middle East.

The continued U.S. military campaign has heightened fears of a broader regional conflict, prompting investors to reassess risks to global energy supplies.

Iranian officials have warned that any further attacks on the country's strategic facilities would be met with a firm response, including the possibility of targeting regional infrastructure used by Washington and its allies. Tehran has consistently maintained that it has the right to defend its sovereignty and territorial integrity against external aggression.

The deteriorating security situation has also undermined the fragile truce reached last month, raising fresh concerns over shipping through the Strait of Hormuz, one of the world's most important maritime energy corridors.

Roughly 20% of global oil trade passes through the Strait of Hormuz, making any disruption in the waterway a major concern for international energy markets. Traders fear that prolonged military tensions could significantly affect crude exports from the Gulf, tightening global supply and driving prices even higher.

Analysts say markets will remain highly sensitive to developments in the region, with further escalation between Washington and Tehran likely to increase volatility in global oil prices and intensify concerns over the security of international energy supplies. (ILKHA)