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Oil prices moved higher in Asian trading on Friday as renewed geopolitical tensions in the Middle East raised concerns about global crude supply. The latest gains came after Hezbollah, the Iran-backed militant group based in Lebanon, rejected a proposed ceasefire with Israel, weakening hopes for a broader regional peace agreement and increasing uncertainty in energy markets.
Brent crude futures for August delivery rose nearly 0.8% to $95.75 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.5% to reach $90.47 per barrel. Both benchmark oil contracts remained on track for solid weekly gains as investors continued to monitor developments across the region.
The conflict intensified after Hezbollah announced it would not withdraw its forces from southern Lebanon and dismissed ongoing negotiations involving Lebanon and Israel. In response, Israel continued airstrikes in southern Lebanon, while Hezbollah launched retaliatory attacks. Israeli officials also indicated that military operations would continue despite earlier signs of a temporary slowdown.
The worsening situation has further reduced expectations for a diplomatic breakthrough between the United States and Iran. Tehran has repeatedly emphasized that a ceasefire in Lebanon is a key condition for any long-term regional peace arrangement. Reports also suggested that Iran suspended indirect talks with Washington after accusing the United States of violating a previous ceasefire through recent military actions.
Meanwhile, the United States carried out strikes against targets inside Iran, prompting retaliatory attacks by Iran’s Revolutionary Guard on U.S.-linked positions in Kuwait and Beirut. These developments have added to concerns about regional stability and potential disruptions to oil supplies.
Oil markets have been particularly sensitive because of the Strait of Hormuz, a critical shipping route through which roughly 20% of global oil consumption traditionally passes. Although U.S. intervention helped increase vessel traffic through the waterway, oil flows remain below pre-conflict levels.
As a result, Brent and WTI crude prices are expected to finish the week between 3% and 6% higher. With no clear signs of de-escalation and ongoing risks to energy infrastructure and transportation routes, crude oil prices are likely to remain supported in the near term as traders assess the impact of continued Middle East instability on global energy supplies.
