Geopolitical risks in the Strait of Hormuz drive modest crude gains, offsetting recent supply glut concerns.
Brent crude rose to $76.60 a barrel, while West Texas Intermediate traded at $72.37, marking a weekly gain amid renewed US-Iran tensions. The increase follows four weeks of declines that pushed prices below pre-war levels.
Recent reports of ample supply from Persian Gulf exporters had weighed on prices, but escalating hostilities in the Strait of Hormuz provided support. The gains remain modest, reflecting lingering concerns over global oversupply.
Markets are balancing geopolitical risks against persistent supply surpluses, limiting upward momentum.