Crude oil climbed toward $92 per barrel on Friday and was headed for a weekly gain of about 10%, driven by renewed hostilities in the Middle East and increasing uncertainty over shipping through the Strait of Hormuz. The United States launched fresh strikes against Iran this week after roughly a month of relative calm. Tehran retaliated by targeting American bases in the region and vessels passing through the strait. Six commodity vessels transited Hormuz on Wednesday, down from 11 on Tuesday and below the nearly 13-vessel 10-day average. Damage to refineries in the Middle East and Russia, combined with limited spare capacity elsewhere to offset supply disruptions, is expected to keep global fuel prices elevated into next year. U.S. diesel prices reached their highest level since mid-2022 this week, while European inventories remained well below seasonal norms.