Brent crude climbed above $88 a barrel on Friday and was up more than 5% for the week as Washington intensified economic pressure on Iran aimed at reopening the Strait of Hormuz, while the International Energy Agency warned of a deeper global supply deficit with the widest shortfall in 2026 in five years. Treasury Secretary Scott Bessent said the United States would impose unprecedented economic measures and maintain its naval blockade of Iranian ports, with more announcements expected next week. Iran and Oman have still not reached an agreement on reopening Hormuz despite earlier optimism that a deal was close, and US officials said American forces are expanding their ability to escort vessels through the strait, though shipping remains risky and some tankers are switching off transponders (ship-tracking signals). Tensions were reinforced by an Iran-backed Houthi attack on Saudi Arabia’s Jazan refinery in the Red Sea, even as additional Middle Eastern crude is expected to reach the US and offer some relief to low inventories.