Oil prices rose significantly on Friday morning, with Brent crude futures climbing $1.23 (1.17%) to $106.30 per barrel and West Texas Intermediate futures increasing $1.07 (1.12%) to $96.92. This surge is attributed to escalating tensions in the Middle East, particularly after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and reports of its air defenses engaging hostile targets. The situation has raised concerns about potential military conflict, with analysts suggesting that if US-Iran talks do not progress by the end of April, oil prices could reach new highs for the year. Additionally, prolonged disruptions in the Strait of Hormuz, a critical passage for global oil supply, could lead to inventory levels falling below five-year seasonal lows, further impacting oil prices. US President Donald Trump indicated that he would not rush negotiations with Iran, emphasizing the need for a comprehensive deal while also warning that military options remain on the table.