Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure

Oil prices inched higher on Friday after the US and Iran stepped up attacks across the Gulf, with their broken truce limiting oil ​flows out of the Strait of Hormuz and with Tehran asking the Houthi ‌movement to stand ready to shut the Red Sea export route. Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel by 0118 GMT, and US West Texas Intermediate futures rose $1.03, or 1.3%, ​to $79.98 a barrel, erasing losses from the previous session. Both benchmark contracts have ​climbed nearly 12% this week, with Brent on track for a third ⁠consecutive weekly gain and WTI for a second weekly gain.