Oil prices rose more than 4% in trading on Friday, hitting their highest levels in over a month, after the United States and Iran intensified attacks across the Gulf region, disrupting oil flows through the Strait of Hormuz again, in addition to the emergence of a new threat to shipping through the Bab el-Mandeb Strait in the Red Sea.

Brent crude futures gained $3.87, or 4.59%, to settle at $88.10 a barrel, while US West Texas Intermediate crude futures rose $3.54, or 4.48%, to $82.49 a barrel. Both benchmarks hit their highest levels since mid-June.

Both crudes rose about 16% this week, with Brent heading for its third consecutive weekly gain and US crude heading for its second weekly gain.

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