Brent rises to $84.30 on Gulf attacks

• Brent crude rose to $84.30 as renewed U.S.-Iran attacks increased concerns about supply through the Strait of Hormuz.
• Brent and WTI gained nearly 12% this week, with both benchmarks extending their weekly winning runs.
• Iran reportedly asked Houthi forces to prepare to disrupt the Red Sea route if U.S. strikes target its power network.

Brent crude futures rose 0.08% to $84.30 as U.S.-Iran attacks threatened supplies through Hormuz and the Red Sea.

West Texas Intermediate crude futures gained 0.2% to $79.11, while both benchmarks climbed nearly 12% this week.

“The potential threat of the Red Sea becoming another major supply disruption point is further complicating the global oil outlook,” said KCM Trade Chief Market Analyst Tim Waterer.

CENTCOM said U.S. forces hit dozens of Iranian military targets during a sixth consecutive night of strikes.

Following the latest attacks, Brent crude price was up 0.08% at $84.30 a barrel at 0632 GMT.

Strait of Hormuz traffic fell to three commodity ships on Thursday, with no VLCC or LNG tanker transits recorded.

Iran reportedly told Houthi allies to prepare to close Bab el-Mandeb, while the IEA warned prolonged disruption threatens global energy security.