Crude oil traded around $91.2 a barrel on Friday and was up more than 9% for the week, marking its strongest weekly performance since mid-July, as the war in the Middle East continued with little prospects of peace. Iran and the US exchanged missile strikes this week, while Israel’s defense minister threatened “crippling” attacks on Iran’s infrastructure, including energy facilities. Meanwhile, US Vice President JD Vance said the US does not plan to hold peace talks with Iran until it stops attacking ships in Hormuz, adding to upward pressure on oil prices as Iran signals its determination to maintain a hard-line response to the latest US strikes. The EU has formally joined the US-led sanctions campaign against Iran, while South Korea said it is considering a military role. The rally could lose momentum if shipments through the Strait increase. Reports on Iraqi oil exports indicate an average of 2.35 million barrels per day in August, mostly shipped through southern routes.