Oil prices climbed again Friday as market participants weighed the latest developments in the Gulf and the Red Sea.

Flattened by a brief dip earlier in the day, Brent futures advanced to $86.70 a barrel, while U.S. crude rose to $80.10.

The rally was underpinned by the fact that Iran and Oman have yet to finalize a deal to reopen the Strait of Hormuz, a vital artery for global energy flows. Analysts note that any delay could trigger a supply scare.

At the same time, Houthi militants claimed responsibility for an attack on a Saudi refinery near the Red Sea. The strike, reportedly involving a missile, damaged storage tanks and sparked fears of further escalation in the region.

Together, the stalled negotiations and the militant attack have reinforced the perception that geopolitical risks remain a key driver of oil market volatility. Traders are watching for any breakthrough that could ease tensions and stabilize prices.