Oil prices climbed sharply in Asian trading on Friday, with Brent crude futures gaining 0.2% to $71.81 per barrel and West Texas Intermediate rising 0.5% to $66.78. Both benchmarks hovered near six-month highs set in early August, on track for a roughly 6% weekly gain as escalating U.S.-Iran tensions fueled fears of Middle East supply disruptions.

Investors grew increasingly concerned after President Trump warned Tehran that "bad things" would happen if no nuclear deal was reached within 10-15 days. A Wall Street Journal report indicated Trump is weighing a limited strike on Iranian targets to force negotiations. Any escalation involving Iran, a major OPEC producer, could threaten flows through the Strait of Hormuz, a critical chokepoint for roughly a fifth of global oil shipments.

The rally also reflected a reversal from earlier losses earlier in the week when prices slid on optimism about U.S.-Iran talks. Recent hardening rhetoric has since restored the risk premium. U.S. Energy Information Administration data showing a sharp 9-million-barrel drawdown in crude stockpiles, against forecasts for a modest build, further supported prices. The market now awaits the U.S. Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge, for further clarity on the central bank's rate outlook.