Oil Climbs Above $85 as U.S.-Iran Conflict Fuels Supply Concerns

Crude oil prices rose above $85 per barrel on Friday and remained on track for a monthly gain of more than 20%, as renewed military exchanges between the United States and Iran heightened concerns over potential disruptions to global energy supplies.

The latest advance followed new U.S. military strikes on Iranian targets in response to attacks by Tehran against U.S. assets across the Middle East, reducing expectations for a near-term diplomatic resolution to the conflict.

Despite the escalation, crude shipments through the Strait of Hormuz increased after slowing in recent days, allowing millions of barrels of oil to transit one of the world’s most important energy shipping routes.

Attention also remained focused on the Red Sea, where Saudi Arabia held discussions with representatives from 43 countries on the formation of a maritime coalition aimed at protecting commercial shipping following the blockade announced last week by Iran-backed Houthi militants.

Beyond the Middle East, energy markets also monitored developments in the Black Sea, where loading operations at an export terminal that plays a key role in Kazakhstan’s crude oil shipments were suspended again after renewed attacks on oil tankers.

The combination of geopolitical tensions across multiple strategic energy corridors has continued to support crude prices by increasing uncertainty over the stability of global oil supplies.