Oil prices rose during Friday's Asian deals as escalating hostilities between the United States and Iran fuelled fresh concerns over global crude supplies, with renewed fighting disrupting flows through the Strait of Hormuz and raising the prospect of further disruption in the Red Sea.
By 3:10 pm AEST (5:10 am GMT), Brent crude futures had gained 80 cents, or 1%, to US$85.03 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 90 cents, or 1.1%, to US$79.85 a barrel.
Both benchmarks were on track for strong weekly gains, with Brent up nearly 12% for the week and heading for a third consecutive weekly advance.
WTI was also set to post a gain of almost 12%, marking its second straight week of gains.
The rally came as investors assessed the growing risk of supply disruptions across two of the world's most important energy shipping corridors.
International Energy Agency Executive Director Fatih Birol warned that oil security remained a major concern amid the deteriorating geopolitical backdrop.
"Oil security is still a critical issue," Birol said during an event hosted by the Council on Foreign Relations in Washington.
"We should be worried, and I am worried, if the situation does not improve in the next few weeks," he added.
The latest gains followed confirmation from U.S. Central Command that American forces had launched a sixth consecutive night of strikes against Iran.
In a statement, CENTCOM said the attacks were intended "to further degrade Iranian military capabilities".
Iran has responded with missile and drone attacks targeting U.S. military facilities across the region, including a barrage aimed at a recently expanded American air base in Jordan.
Supply concerns intensified further after Reuters reported that Iran had instructed its Houthi allies in Yemen to prepare to close the Red Sea shipping route if U.S. strikes were to target Iranian power infrastructure, citing three sources familiar with the matter.
Any disruption to both the Strait of Hormuz and the Red Sea would threaten two of the world's most critical energy transport corridors, raising the risk of tighter global oil supplies and higher energy prices.
