www.economymiddleeast.com:Brent was on track to post a weekly gain of 14.6 percent, marking its strongest weekly performance in months

Oil prices held above the $100-a-barrel mark on Friday and were on track for a fourth straight weekly gain, as concerns over potential disruptions to energy shipments through the Red Sea and the risk of a broader escalation in the U.S.-Israeli conflict with Iran continued to support prices.

Brent futures fell 38 cents, or 0.38 percent, to $100.3 a barrel by 5:07 GMT, after surging 7 percent in the previous session to settle above $100 for the first time since May. The rally followed claims by Iran-backed Houthi rebels that they had targeted two Saudi oil tankers in the Red Sea. Brent was on track to post a weekly gain of 14.6 percent, marking its strongest weekly performance in months.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures eased 56 cents or 0.61 percent to $91.63 a barrel, hovering near their highest level since June 11 and set for an 11.8 percent gain for the week.

Strait of Hormuz shipping activity slows sharply
Oil prices rallied as shipping activity through the Strait of Hormuz slowed sharply on Thursday, with just one tanker transiting the waterway, the fewest since May 7, according to ship-tracking firm Kpler. The decline has heightened concerns over disruptions to one of the world’s most critical oil transit routes.

Attention has also turned to the Bab el-Mandeb Strait, the strategic gateway linking the Red Sea to the Indian Ocean and the world’s second-most important oil shipping corridor after the Strait of Hormuz.

Adding to market jitters, U.S. President Donald Trump pledged to hold Iran responsible for any further attacks. Earlier this week, the Iran-backed Houthi movement announced a naval blockade of Saudi Arabia, despite the Kingdom rerouting much of its crude exports through pipelines to bypass the Strait of Hormuz.

The Houthis’ move came after Iran reportedly urged the group to shut the Bab el-Mandeb Strait if the United States continued targeting Iranian power infrastructure, following the collapse of a temporary ceasefire between Washington and Tehran two weeks ago.

Kazakhstan reduces oil output
Elsewhere, supply concerns were compounded after Kazakhstan’s Energy Ministry said on Thursday that oil producers had temporarily reduced output following suspected Ukrainian drone attacks that forced the closure of the country’s main Black Sea export terminal.

The disruption comes after the Caspian Pipeline Consortium (CPC) suspended oil loadings earlier this week due to attacks on tankers at the terminal, halting crude shipments from Kazakhstan. The pipeline route carries roughly 2 percent of global daily oil supply.