Oil prices near $77 on a weekly upward trajectory.

Crude oil prices approached $77 per barrel on Friday, marking a weekly upward trend amid concerns over the passage of energy carriers through the strategically important Strait of Hormuz following renewed conflict escalation in the Middle East. On the London market, crude oil was trading at $76.93 per barrel during the afternoon session, up 63 cents compared to the previous day's closing price. Meanwhile, on the American market, oil prices rose by 49 cents to $72.57 per barrel. The prices on both markets could potentially close the week with a gain of around five to six percent. The focus of market participants remains on the latest wave of conflicts in the Middle East. Iranian military forces targeted U.S. military infrastructure in neighboring countries near the Persian Gulf on Thursday, following U.S. attacks on southern Iranian coastal and eastern regions. At the same time, Iranian media reported a series of explosions throughout southern Iran, including in Bushehr, where one of Iran’s nuclear power plants is located. Traffic through the strait nearly came to a halt on Thursday, according to vessel tracking data, as ship owners assessed risks after Iran struck a Qatari liquefied natural gas (LNG) tanker exiting the waterway near Oman, which triggered the most recent attacks. The situation in the Middle East has delayed the full reopening of the Strait of Hormuz, through which approximately one-fifth of daily global oil and gas shipments passed before the start of the U.S.-Israeli war with Iran on February 28. "Prices have retreated from their highest levels recorded midweek, but significant risk premiums remain embedded in oil prices because traffic through Hormuz has almost stopped, without clear signs of when it might normalize," said Vandana Hari from Vanda Insights, a company specializing in oil market analysis. U.S. President Donald Trump this week stated he does not believe another war will break out and that whatever happens will end very quickly. "Despite the U.S. intensifying attacks on military targets in Iran, the market has somewhat relaxed due to the decision of Trump's administration to avoid attacking Iran's energy infrastructure," said Daniel Hynes, a commodity market strategist at ANZ Bank. Separate calculations by the Organization of Petroleum Exporting Countries (OPEC) show that the basket of oils from its member countries fell by $1.71 to $76.25 per barrel on Thursday.