LAGOS — Global oil prices climbed Friday as intensifying military clashes between the United States and Iran crippled vital maritime trade routes and raised fears of a coordinated blockade across the Middle East.
International benchmark Brent crude rose to $85.10 a barrel, while U.S. West Texas Intermediate hit $79.93. Both contracts locked in a massive 12% gain for the week.
The sudden price surge followed consecutive nights of U.S. airstrikes hitting Iranian coastal defenses, disabling a sanctioned tanker near Kharg Island. This aggressive naval blockade follows a collapsed June ceasefire agreement.
Energy supply lines are tightening rapidly. Energy consultancy Kpler reported that confirmed crude transits through the critical Strait of Hormuz plummeted 62% this week to just 4.1 million barrels per day.
Adding to market anxieties, Tehran directed Yemen’s Houthi movement to prepare to shut down the Bab el-Mandeb Strait, threatening a complete closure of the crucial Red Sea export route.
Market analysts warn that this dual-threat scenario effectively targets both primary regional shipping corridors simultaneously, leaving global energy supply chains highly vulnerable to unprecedented logistics and insurance spikes.
