Oil prices rise after Iran says it attacked two tankers transiting Strait of Hormuz

Oil prices moved higher on Friday after Iran said it attacked two tankers transiting the Strait of Hormuz.

West Texas Intermediate futures rose 2.2% to $85.41 per barrel. Brent crude futures, the international benchmark, gained 1.5% to $90.36.

The Islamic Revolutionary Guard Corp said it hit the tankers as they tried to transit Hormuz under U.S. military escort, according to state run PressTV. Four other tankers turned back after the strikes, the state news outlet said.

U.S. and British maritime security organizations that monitor traffic in the Middle East have not confirmed the attacks.

Chevron CEO Mike Wirth told CNBC on Friday that the threat to oil supplies in the region has expanded beyond Hormuz. Global inventories, meanwhile, are falling, Wirth said. Iran's Houthi allies in Yemen declared a maritime embargo against Saudi Arabia last week and have attacked tankers in the Red Sea.

"The situation is under stress and I'm afraid it's going to continue to do so," Wirth told CNBC's Becky Quick. "We're running out of time. Every day that goes by, the situation gets more difficult."

Exxon CEO Darren Woods told CNBC that Hormuz has to reopen because the world needs Middle East oil that has been shut in the region due to the war.

"It is the main artery of supply for the world that powers economic growth everywhere and so eventually those barrels are going to have to flow," Woods told CNBC's "Squawk Box." "The only question is how long will it take to get to some resolution here so that the strait opens up and that production can come back line on in the Middle East."

More tankers also came under attack in the Black Sea this week as Ukraine targets Russian energy infrastructure. The attacks jeopardize exports through the Capsian pipeline that Kazakhstan relies on to move its oil to global markets.

Commonwealth Bank of Australia said in a note on Friday that stronger oil flows through the Strait of Hormuz had eased market concerns after U.S.-Iran strikes earlier this week briefly pushed Brent above $93 a barrel.

The bank estimates traffic through the vital waterway has recovered to roughly 30%-35% of pre-war levels, adding that a rebound to around 50%-60% of normal flows could be enough to reassert oversupply conditions in the global oil market.

Investors also weighed President Donald Trump's call to add tariffs on Iran to a bipartisan sanctions bill targeting Tehran and Russia.

While sanctions against the two countries have widespread support in the Congress, Trump's well-established belief in tariffs as a one-size-fits-all tool for economic coercion is polarizing.

The U.S. imported just $1.4 million in goods from Iran in 2025, according to the Office of the U.S. Trade Representative. Works of art, collectors pieces and antiques were the largest category of those imports, making up 55% of the value, according to Trading Economics.

"I'd like to see tariffs on Iran. It would make it much stronger," Trump said of the bill, which would impose economic sanctions on Russia and those supporting its war against Ukraine.

The legislation would also let Trump slap targeted tariffs on goods imported from the top five countries that buy Russian energy and help it evade sanctions.