Oil prices are on track to end the week higher on Friday as renewed military tensions between the US and Iran and persistent security risks in the Strait of Hormuz revived concerns about potential disruptions to global energy supplies.

International benchmark Brent crude futures for November delivery traded at $94.77 per barrel at 3:29 p.m. local time (1229 GMT) on Friday, up 7.6% from last Friday’s close of $88.10, The Caspian Post reports, citing Anadolu Agency.

US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $90.34 per barrel, marking an 8.3% increase from $87.06 a week earlier.

Oil prices have been primarily supported by a renewed escalation in hostilities between Washington and Tehran, which has increased uncertainty over the security of energy shipments through the Strait of Hormuz, one of the world’s most important oil transit routes.

Tensions intensified over the weekend after US forces struck targets on Iran’s Larak Island near the Strait of Hormuz. Iran retaliated with missile and drone attacks against sites used by US forces across the region.

The escalation continued during the week, with the US targeting areas around the Strait of Hormuz and southern Iran, while Tehran reported strikes on several locations, including Qeshm Island, Bandar Abbas, Asaluyeh, Chabahar and Konarak.

Iran’s Islamic Revolutionary Guard Corps (IRGC) said the attacks had “further tightened the lock on the Strait of Hormuz,” reinforcing market concerns that continued hostilities could prolong disruptions to energy flows from the Gulf.

Security risks to commercial shipping also remained elevated.

The UK Maritime Trade Operations (UKMTO) reported Tuesday that a tanker had been struck by three unknown projectiles while exiting the Strait of Hormuz off Oman.

Iran also said during the week that it had laid additional naval mines in the strait and reported that oil tankers attempting to pass through what Tehran described as unauthorized routes had struck mines.

The developments raised concerns that even if oil shipments continue through the waterway, heightened security risks could disrupt tanker movements, increase insurance and freight costs, and discourage some operators from using the route.

Before the conflict, around 20 million barrels per day of crude oil and petroleum products moved through the Strait of Hormuz, accounting for a significant share of global seaborne oil trade.

The persistent risk of disruption to these flows added a geopolitical risk premium to crude prices, pushing Brent above $95 per barrel during the week.

However, reports of a sharp recovery in oil flows through the Strait of Hormuz and signals from Washington that it does not seek a prolonged conflict with Iran limited further price gains.