Oil prices extended their gains this week, with crude futures climbing to their highest level in around one-and-a-half months as renewed tensions between the US and Iran raised concerns over possible disruptions to global oil supplies.

Uncertainty surrounding shipping through the Strait of Hormuz has increased after the US carried out fresh strikes against Iran. Tehran has responded by targeting American bases in the region and vessels passing through the key oil shipping route, adding further pressure to an already tense energy market.

The Strait of Hormuz remains a major focus for oil traders, with any prolonged disruption to shipping through the waterway posing a potential threat to crude supplies and supporting prices.

Both major crude oil benchmarks remained above the $90-per-barrel mark on Friday morning in Asia. WTI crude oil futures were last quoted at $91.92 per barrel, up 0.68%, while Brent crude gained nearly 0.5% to $95.94 per barrel.

For the week, WTI crude oil is on track to post a gain of around 10%, marking a sharp weekly rise as investors continue to assess the risk of further escalation and potential supply disruptions in the Middle East.