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Brent crude climbed above $88 a barrel on Friday, advancing more than 5% for the week as the United States stepped up economic pressure on Iran to reopen the Strait of Hormuz. Treasury Secretary Scott Bessent said Washington would introduce unprecedented economic measures while keeping its naval blockade of Iranian ports in place, with further actions expected to be announced next week.
The International Energy Agency meanwhile warned of a worsening global supply shortfall, projecting that 2026 will see the largest deficit in five years. Efforts to reopen the Strait of Hormuz remain stalled, as Iran and Oman have yet to reach an agreement despite earlier optimism that a deal was close.
US officials said American forces are strengthening their capacity to escort commercial vessels through the strait. However, transit remains risky, with some tankers turning off their transponders to avoid detection. In the Red Sea, Iran-backed Houthi militants targeted Saudi Arabia’s Jazan refinery, further heightening regional tensions.
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At the same time, additional crude shipments from the Middle East are expected to arrive in the United States, offering some relief to tight domestic inventories.
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