Crude oil traded around $91.2 a barrel on Friday and gained more than 9% over the week, its strongest weekly performance since mid-July, as the Middle East war continued with little prospect of peace. Iran and the US exchanged missile strikes, while Israel’s defense minister threatened "crippling" attacks on Iranian infrastructure, including energy facilities. US Vice President JD Vance said Washington would not hold peace talks with Iran until it stops attacking ships in the Strait of Hormuz (key oil shipping channel), adding pressure to prices as Tehran maintained a hard-line response to the latest US strikes. The EU formally joined the US-led sanctions campaign against Iran, and South Korea said it was considering a military role. The rally could lose momentum if shipments through the Strait increase. Iraqi oil export reports showed average shipments of 2.35 million barrels per day in August, mostly through southern routes.