ISTANBUL/Anadolu

Oil prices jumped nearly 5% at Friday's settlement, amid escalating military confrontation between the United States and Iran, and fears of widening energy supply disruptions through the Strait of Hormuz and the Red Sea.

At settlement, Brent crude futures rose by $3.98, or about 4.7%, to $88.21 per barrel.

U.S. West Texas Intermediate crude futures also rose by $3.80, or about 4.8%, to $82.75 per barrel.

Both benchmarks recorded weekly gains of about 16%, amid declining ship traffic through the Strait of Hormuz, a key passage for global energy supplies.

For days, the United States has been launching successive waves of strikes on sites inside Iran, while Tehran has been attacking what it says are American ships, facilities, and military bases in several countries in the region.

On Thursday, U.S. Central Command (CENTCOM) announced a new wave of strikes on Iranian military targets, using aircraft and precision munitions.

On June 18, Washington and Tehran signed a memorandum of understanding that included a halt to military operations and the start of negotiations to reach a broader agreement.

But U.S. President Donald Trump announced on July 8 the end of the interim agreement, following the targeting of 3 ships in the Strait of Hormuz, prompting Washington to resume its strikes inside Iran amid escalating Iranian responses in the region.

Washington demands ensuring freedom and security of navigation in the Strait of Hormuz, while Tehran insists on imposing a mechanism to regulate ship passage through the strategic waterway, exacerbating fears of disruption to oil and gas exports from the region.