Global crude oil futures settled higher on Friday, capping substantial weekly gains as Washington's threat of secondary sanctions against Iran’s trading partners intensified supply deficit concerns amid chronic maritime transit disruptions.
Global crude benchmarks rallied more than 2% on Thursday to settle at their highest levels in nearly a month, driven by aggressive US threats of secondary economic sanctions against buyers of Iranian crude, persistent transit paralysis in the Strait of Hormuz, and tightening refined product inventories.
Global crude benchmarks climbed to four-week highs on Wednesday, lifted by escalating geopolitical fragmentation after the UAE severed economic ties with Iran, sluggish maritime transits through the Strait of Hormuz, and reduced Russian port loadings.