Crude oil futures rose, logging double-digit weekly gains after the US expanded
strikes on Iranian targets and Iran attacked neighboring Gulf states,
heightening supply-risk fears. Market concerns were amplified by the threat of a
Houthi blockade of Red Sea shipping; Saudi Arabia has previously rerouted
exports via the Red Sea when the Strait of Hormuz was closed. Barclays analyst
Amarpreet Singh said inventories are at multi-year lows and most strategic
petroleum reserve releases have ended, so renewed tensions around the strait's
"red line" pose significant upside risk to energy prices and the market remains
too compact about potential inventory impacts.
