Oil prices jumped sharply Friday, with Brent crude futures reaching their highest levels in weeks as Iranian attacks on commercial vessels in the Strait of Hormuz intensified supply concerns.

Brent crude spiked above $109 per barrel during trading, while U.S. West Texas Intermediate futures crossed $100 for the first time since September. The moves added to a weekly gain of nearly 8 percent for Brent and more than 10 percent for WTI, according to market data.

At least nine commercial ships have come under attack near the strait since Sunday, with Iran seeking to disrupt crude exports. U.S. Central Command reported that Iran sank the Singapore-registered container ship GFS Pride on Wednesday. The crew was evacuated, though three seafarers were injured and two remain missing across incidents this week.

Crude exports through the Hormuz waterway have fallen sharply from pre-conflict levels. Shipments averaged 9.4 million barrels per day for the week ended Wednesday, roughly 70 percent of prior averages, according to shipping data firm Kpler.

The latest disruptions come eight months into the Iran conflict, which began with U.S. and Israeli strikes on Iranian targets in late February. Iran has responded by escalating attacks on vessels, blaming U.S. port blockades and sanctions.

Markets also weighed the unraveling of diplomatic efforts, including a proposed energy ceasefire involving Ukraine and Russia. President Trump has expressed frustration with stalled talks and coordinated with Chinese leadership on preventing Iranian nuclear development while pushing to reopen the strait.

The price surge is expected to push already elevated U.S. gasoline prices higher in the coming days. Regular gasoline averaged $4.32 per gallon nationwide as of Friday morning.

Analysts noted that sustained disruptions could keep prices elevated into 2027, with global refining capacity strained and diplomatic options narrowing. The Trump administration has considered measures to ease some sanctions on shadow fleet vessels to help stabilize flows, though recent attacks have overshadowed those efforts.

Broader equity markets reacted negatively, with the S&P 500 down more than 1 percent and the Nasdaq Composite falling over 2 percent by midafternoon.