Crude oil held above $92 per barrel on Friday and was on track to gain more than 12% for the week, as escalating tensions in the Middle East heightened fears of severe global supply disruptions.
US President Donald Trump threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran.
His remarks followed attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, aimed at enforcing a newly declared blockade of Saudi ports and opening a new front in the conflict.
Oil has already rallied more than 30% from pre-conflict levels this month as fighting disrupted crude flows through the Strait of Hormuz.
Further tightening the global supply outlook, tanker attacks in the Black Sea and Sea of Azov forced the Caspian Pipeline Consortium to suspend crude loadings at its Black Sea terminal, disrupting a key export route that handles about 80% of Kazakhstan's crude exports.