Brent crude futures rebounded on Friday after declining more than 2% in the previous session as fresh attacks on Adnoc vessels renewed Middle East supply anxieties.
Brent futures were up 1% to $87.93 per barrel, while Murban crude futures closed at $90.11/bbl on Thursday and were not trading at the time of publication of this update.
Both benchmarks remained headed for weekly gains following two weeks of losses, though crude has trimmed part of its geopolitical risk premium.
Prices dipped on Thursday, reversing a multi-session rally, as markets weighed mounting signs of sluggish global demand against a larger-than-expected build in US crude stocks.
Analysts at Saxo Bank noted that the recent pullback reflects position-trimming rather than a fundamental shift in supply, particularly as the Strait of Hormuz remains effectively closed and regional export capacity stays constrained.
Geopolitical risks flared anew after the Abu Dhabi National Oil Company reported that two of its vessels were attacked on Thursday evening while attempting to cross the Strait of Hormuz.
The situation is now under control and there were no reported injuries, the company said in its statement.
"What began as a Middle East crude oil supply crisis is turning into a global refined product supply crisis," noted Susan Bell, senior vice president of commodity markets at Rystad Energy.
Adding to structural supply fears, Bloomberg reported that a second supertanker was spotted at Saudi Arabia's main Persian Gulf export hub as threats mount against alternative Red Sea shipping routes.
RBC Capital Markets strategists warned that maritime disruptions in both waterways are likely to persist despite recurring diplomatic overtures.
Concurrently, US Defense Secretary Pete Hegseth reportedly stated during a press briefing aboard the USS Gridley that the US military can sustain its naval blockade of Iran indefinitely by rotating naval assets, even as the Iranian Foreign Minister issued warnings over ongoing regional escalation.