Oil prices saw an increase, reaching five-week highs, as tensions between the United States and Iran escalated, raising concerns about global energy supply disruptions. President Donald Trump's remarks downplayed immediate talks with Iran while threatening further action, contributing to market jitters. Military exchanges and threats to key shipping routes, such as the Red Sea, have spread supply risk beyond the Middle East to regions like the Black Sea.

Earlier in the week, oil advanced as mediation efforts were weighed against ongoing military actions. Reports of an Iranian attack on a Kuwaiti facility and threats by Yemen's Houthi movement to close vital oil export routes further fueled price hikes. While a statement from Iran's Foreign Ministry suggesting potential negotiations based on national interests briefly tempered gains, the overarching geopolitical risks continue to influence crude oil prices.