International oil prices climbed on Friday after renewed military exchanges between Iran and the United States heightened concerns over energy supplies in the Middle East, pushing Brent crude back above the $90 per barrel mark despite signs of improving tanker movements through the Strait of Hormuz.
As of 4:50 p.m. WAT, Brent crude traded at $90.02 per barrel, up 1.11 percent, while West Texas Intermediate (WTI) rose 1.64 percent to $84.96 per barrel, extending gains as geopolitical risks continued to support the market.
The latest increase followed reports from Iranian state media that the country's military launched attacks on U.S. military installations in Kuwait after claiming responsibility a day earlier for strikes targeting Sheikh Isa Air Base in Bahrain.
According to Iranian military statements carried by local media, the latest operation targeted Ahmad al-Jaber Air Basein Kuwait, including aircraft hangars, satellite communication facilities and equipment depots, describing the attacks as retaliation for recent U.S. military operations in southern Iran.
The renewed strikes come only days after both sides had briefly paused hostilities, raising hopes that diplomatic efforts could resume. However, the latest military escalation has reversed much of that optimism, keeping crude prices elevated as traders reassess supply risks across the Gulf.
Although shipping activity through the Strait of Hormuz has gradually improved in recent days, tanker movements remain well below levels recorded before the conflict intensified earlier this year, limiting the downward pressure on oil prices.
Market participants have continued to monitor the strategic waterway closely, with analysts noting that even modest improvements in vessel traffic have recently triggered price corrections, reflecting the market's sensitivity to developments around one of the world's most important oil transit routes.
Despite Friday's gains, both Brent and WTI remain below the peaks recorded earlier in the month, when Brent briefly exceeded $100 per barrel amid fears that disruptions to the Strait of Hormuz and surrounding shipping lanes could significantly reduce global crude supplies.
The two benchmark contracts are nevertheless on course to record strong monthly and weekly gains, supported by persistent geopolitical uncertainty and concerns over supply disruptions in the Middle East.
Meanwhile, Saudi Arabia announced this week that it is seeking international partners for a new maritime security coalition aimed at strengthening protection around the Bab el-Mandeb Strait and the Gulf of Aden.
According to Riyadh, 14 countries, including Turkey, Pakistan, Egypt, Sudan and Djibouti, have already expressed support for the initiative, which is intended to improve regional maritime security and protect commercial shipping routes.
The proposed coalition is viewed by market participants as a longer-term effort to safeguard critical energy corridors, although its announcement has done little to offset the immediate market impact of the renewed military confrontation between Iran and the United States.