Crude oil traded above $72 per barrel on Friday and was on course for a weekly gain of nearly 5%, as renewed US–Iran strikes slowed the normalization of tanker traffic through the Strait of Hormuz. Despite the escalation, talks between Washington and Tehran on a longer-term agreement are reportedly still progressing, with technical negotiations ongoing.
The International Energy Agency warned that a protracted conflict could hinder efforts to rebuild global oil inventories later this year, following recent supply losses. Markets remained focused on the implications for regional energy flows, with vessel-tracking data indicating that traffic through the Strait of Hormuz remains well below typical levels. At the same time, the United Arab Emirates increased crude output to a record high last month, underscoring the attempts by Gulf producers to offset the disruptions.
