Brent crude rises 5% on week to $97.25
Brent crude is trading at $97.25, about 5% up on the week, as fresh hostilities between the US and Iran cast doubt on a fragile ceasefire.
The US military announced self-defence strikes on Iranian Qeshm island, following reports of Iranian attacks in Gulf countries.
Markets are growing sceptical about a negotiated end to the war and a swift reopening of the key Strait of Hormuz, driving oil prices towards $100.
A prolonged closure of the Strait of Hormuz could push Brent crude towards $150, hitting global growth and pushing Europe into recession.