International crude oil prices rose by more than $1 a barrel on Friday as fresh tanker attacks in the Strait of Hormuz and stalled peace talks between the United States and Iran heightened supply concerns. Brent crude gained $1.45, or 1.67%, to $88.52 a barrel. US West Texas Intermediate rose $1.15, or 1.42%, to $82.40 a barrel.

For the week, Brent was on track to rise about 6%, while WTI was heading for a gain of about 5.4%. On August 14, two UAE oil tankers were hit by drones. No casualties were reported, but both vessels were damaged. The United Arab Emirates blamed Iran for the attack.

Ship traffic through the Strait of Hormuz has fallen well below normal levels, increasing concerns over international oil supplies. Analyst Andrew Lipow said the situation could become more serious if transit restrictions persist, noting that about 20% of global oil supplies are transported through the strategic waterway. The strait’s security situation, progress in US-Iran talks and tanker movements are expected to influence the market’s next direction.