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

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 complacent about potential inventory impacts.