Brent futures rose 3.3% to $109.27/bbl and WTI 4.2% to $105.41/bbl, driving an 8% weekly Brent gain.
Ongoing U.S.-Iran standoff and closed Strait of Hormuz, handling ~20% of global oil, underpin a projected 10.5% weekly WTI rise.
President Trump’s rhetoric and China visit yielded no concrete trade or de‑escalation agreements, though both leaders urged Hormuz reopening.
IEA warns oil market may stay severely undersupplied through October even if conflict eases next month.