International oil prices have risen sharply as the market grows increasingly concerned that the United States and Iran could return to full-scale war, threatening crude oil shipments through the Strait of Hormuz.

The global benchmark Brent crude surged by more than 3.5% at one point to around $87 per barrel, on track for its largest weekly gain since April. Reports indicate the US is deploying dozens of aerial refueling tankers to Israel, fueling market expectations that the conflict will escalate in the near term.

In the latest round of hostilities, Iran attacked water and power facilities in Kuwait, damaging multiple power generation units. This follows a sixth consecutive day of US airstrikes against Iran, which targeted defense installations, among other sites.

Simon Lack, portfolio manager at the Catalyst Energy Infrastructure Fund, stated, "Refined product markets are tighter than crude. During the brief ceasefire, energy company executives warned of persistently declining inventories, with almost no buffer left in the entire system."

Although the latest military actions have not yet reached the scale seen during the peak of the war from March to early April, they have put traders on high alert.

Concurrently, Russian crude exports have dropped significantly after Ukraine attacked Russian refineries, prompting Moscow to ban diesel exports. US lawmakers are also seeking to increase pressure, with senators releasing the text of a bill aimed at sanctioning buyers of Russian oil.

According to traders familiar with the matter, Iran has sold 8 to 10 million barrels of crude stored at sea to Asian refineries, with arrangements for collection outside the Strait of Hormuz.

European natural gas futures surged by up to 7% to their highest level since March, driven by market concerns over the continued disruption of liquefied natural gas (LNG) transportation.

Brent crude futures for September delivery rose 3.9% to $87.49 per barrel.

WTI crude futures for August delivery increased 4.1% to $82.17 per barrel.