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Global crude benchmarks advanced more than 1.5% on Friday, lifted by renewed maritime strikes in the Strait of Hormuz, Russian export disruptions, and escalating geopolitical friction between Washington and Tehran.

International Brent crude settled up $1.45, or 1.67%, at $88.52 a barrel. US West Texas Intermediate (WTI) crude gained $1.15, or 1.42%, to finish at $82.40 a barrel.

For the week, Brent recorded a 6.0% gain whilst WTI advanced 5.4%, supported by persistent supply risk premiums.

Upward momentum was triggered by drone and missile attacks on two state-owned Abu Dhabi National Oil Company (ADNOC) vessels transiting the Strait of Hormuz, depressing daily traffic through the strategic corridor below its monthly average. Diplomatic progress deteriorated further after the US Treasury signalled imminent, unprecedented economic sanctions and warned Washington could sustain an indefinite naval blockade of Iran following deadlocked ceasefire negotiations.

Bullish sentiment was reinforced across secondary transit hubs after Ukrainian drone strikes suspended crude loadings at Russia's Sheskharis terminal in the Black Sea port of Novorossiysk.

However, stronger upside momentum was checked by bearish macroeconomic data, as traders digested downgraded demand growth outlooks from OPEC alongside the largest weekly US commercial crude inventory accumulation in more than three and a half years.

Written by: Aiman Haikal