Oil prices traded higher on Friday and headed for a sharp weekly gain amid escalating Middle East tensions as both the U.S. and Iran intensified military confrontation over control of the Strait of Hormuz.
Brent crude futures were up 1.2 percent at $85.24 a barrel and headed for a weekly gain of more than 10 percent as shipping traffic slumped through the Strait of Hormuz. WTI crude futures surged 1.6 percent to $80.17.
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Market Analysis
September 11, 2026 16:26 ET Consumer prices data was the main news on the economic front in the U.S. this week. In Europe, the latest interest rate decision from the European Central Bank was the focus along with the revised second quarter economic growth data for the euro area. In Asia, the monthly foreign trade data from China drew attention.