(RTTNews) - Oil prices climbed further on Friday amid signs that the U.S. and Iran have made little progress toward de-escalating the Middle East conflict.
The Strait of Hormuz remained effectively closed, raising concerns that tensions may persist for longer than expected.
Brent crude futures rose nearly 2 percent toward $107 a barrel, extending gains for a fifth day and heading for a weekly gain of nearly 18 percent as peace negotiations dragged on.
WTI crude futures jumped 1.6 percent to $97.39 a barrel and were up over 16 percent for the week.
Tensions rose after Iran showed off its control over the Strait of Hormuz with a video of its commandos storming a cargo ship and activated defense systems in parts of Tehran, following reports of hostile aerial activity.
Media reports suggested that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from U.S. negotiations, signaling a shift toward hardline unity.
Adding to uncertainty about the potential for a second round of peace talks, U.S. President Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.
Earlier, U.S. forces boarded a supertanker carrying Iranian oil in the Indian Ocean. Trump said the United States is not rushing to resolve the conflict with Iran, describing Iran's leadership as being in turmoil.
Trump has ruled out striking Iran with a nuclear weapon, while also suggesting that the country may have reloaded its weapons stockpile "a little bit" during the two-week truce.
According to a Wall Street Journal report, the U.S. military is said to need up to 6 years to replenish the amount of missiles consumed in the war with Iran.
In other significant news, Israel and Lebanon have agreed to extend their ceasefire by three weeks following a meeting in the White House with top U.S. officials.
The EU approved a €90 billion loan to Ukraine and a 20th sanctions package against Russia.
Israeli Defense Minister Israel Katz said on Thursday that Israel was prepared to resume the war against Iran and awaiting a green light from the United States to return Iran to the Stone Age.
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