Global oil prices steadied on Friday after several days of sharp gains, with Brent crude slipping 0.5% to $93.22 per barrel for October delivery.
The minor retracement followed a 5% weekly increase that pushed Brent to its highest levels since early August. The rally reflects persistent supply tightness amid ongoing disruptions along the Strait of Hormuz, a critical shipping lane for Persian Gulf crude exports.
«The situation at the Strait of Hormuz remains blocked,» said Barbara Lambrecht, commodities analyst at Commerzbank, noting that U.S. efforts to intensify economic pressure on Iran could further constrain global oil supply. Washington has signaled plans to target buyers of Iranian crude, including China, which ranks among the Islamic Republic’s largest oil customers.
Iran’s oil exports are already constrained by U.S. naval blockades, and analysts warn that escalating tensions could reduce available crude on international markets. The Strait of Hormuz, through which roughly 20% of global seaborne oil passes, remains a flashpoint amid regional conflicts and heightened geopolitical risks.
While Friday’s price dip suggests some profit-taking, the broader upward trend underscores the fragile balance between constrained supply and steady demand as winter heating season approaches in the Northern Hemisphere.
