Oil closes above $112

Oil drilling rigs

Oil prices settled higher on Friday, posting weekly gains as shipping disruptions in the Strait of Hormuz persisted and uncertainty over the Middle East conflict remained elevated.

Brent crude futures for May delivery climbed 4.22%, or $4.56, to $112.57 per barrel, up 0.34% for the week.

US WTI crude futures for May rose 5.46%, or $5.16, to $99.64 per barrel, marking weekly gains of 1.34%, after briefly topping $100.04 earlier in the session.

Energy markets remain on high alert as the conflict continues with no clear path to de-escalation, following strikes on Iranian nuclear facilities. This comes despite US President Donald Trump delaying plans to target Iran’s energy infrastructure by 10 days.

US Secretary of State Marco Rubio said military operations could end within weeks rather than months, while his Iranian counterpart Abbas Araghchi condemned the continued attacks, saying they contradict the US-announced timeline.