RoydadNaft –  Brent crude futures rose 19 cents, or 0.25%, to $76.49 per barrel. U.S. West Texas Intermediate (WTI) crude futures also increased 19 cents, or 0.26%, to $72.27.

According to Roydad Naft, oil prices rose on Friday and are set to end the week with gains, as concerns over supply disruptions from the key Middle East producing region resurfaced following fresh clashes between the United States and Iran this week that restricted shipping through the Strait of Hormuz.

Brent futures rose 19 cents, or 0.25%, to $76.49 per barrel (as of 03:19 GMT). U.S. WTI crude futures also climbed 19 cents, or 0.26%, to $72.27.

For the week, Brent gained around 6% while WTI rose about 5%.

Vandana Hari, founder of Vanda Insights, an oil market analysis provider, said: “Prices have pulled back from mid-week highs, but a significant risk premium remains because tanker traffic through the Strait of Hormuz has almost come to a complete halt, and there is no clear indication of when normal operations will resume.”

She added: “However, the market’s confidence in a return by the U.S. and Iran to the diplomatic path for resolving the issue has limited further price gains.”

On Thursday, Iranian armed forces attacked U.S. military infrastructure in Gulf countries following U.S. strikes on Iran’s southern and eastern coastal provinces. This has put additional pressure on the three-week ceasefire. Iranian media separately reported several explosions in southern Iran, including in Bushehr — home to one of the country’s nuclear facilities.

These latest clashes have delayed the full reopening of the Strait of Hormuz, which before the conflict carried around 20% of the world’s daily oil and gas supply.

Ship-tracking data showed that tanker traffic through the strait was almost at a standstill on Thursday as vessel owners assessed the risks from the recent attacks. The strikes followed an incident in which a Qatari LNG carrier was targeted while exiting the waterway near Oman.

However, U.S. President Donald Trump said on Wednesday that he did not believe the conflict would resume because of the new clashes and that “whatever happens, it will be over very quickly.”

Daniel Hynes, senior commodity strategist at ANZ bank, said: “Despite the increase in U.S. attacks on military sites in Iran, the market took some comfort from the Trump administration’s decision to avoid targeting Iran’s energy infrastructure.”

He added: “This was reinforced by President Trump’s statement that he does not expect a return to full-scale conflict.”