Crude oil rose to $81.8 a barrel on Friday, gaining nearly 5% for the week as the United States intensified economic pressure on Iran to reopen the Strait of Hormuz. Treasury Secretary Scott Bessent said Washington would impose unprecedented economic measures while maintaining its naval blockade of Iranian ports, with further actions expected to be announced next week. The International Energy Agency also warned of a deeper global supply deficit, projecting that 2026 will see the widest shortfall in five years.
Iran and Oman have yet to reach an agreement on reopening Hormuz, despite earlier optimism that a deal was near. US officials said American forces are strengthening their capacity to escort vessels through the strait, though transit remains risky, with some tankers reportedly switching off their transponders. In the Red Sea, Iran-backed Houthi militants targeted Saudi Arabia’s Jazan refinery, adding to regional tensions. At the same time, additional Middle Eastern crude is expected to arrive in the US, offering some relief to already low inventories.
