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[Escalating US-Iran Conflict Coupled with Red Sea Blockade Threat, Oil Prices Fluctuate at High Levels] 1. International oil prices fluctuated at high levels in early Asian trading on Friday. The US and Iran have intensified their attacks in the Gulf region, effectively breaking the ceasefire agreement signed last month and continuing to obstruct oil exports through the Strait of Hormuz. Meanwhile, Iran has demanded that the Houthi rebels in Yemen prepare to blockade export routes through the Red Sea, further exacerbating market concerns about oil supply. 2. Brent crude futures are currently trading around $84.90 per barrel, while WTI crude futures for August are trading around $79.67 per barrel, and the more actively traded WTI crude futures for September are trading around $78.97 per barrel, showing little change from Thursday's closing price. Both benchmark contracts have risen nearly 12% this week, with Brent crude on track for its third consecutive weekly gain and WTI crude on track for its second consecutive weekly gain. 3. Since the signing of the ceasefire memorandum of understanding last month, the US launched two large-scale airstrikes on Wednesday, primarily targeting locations near Iran's southern coast, and continued strikes on Thursday. The U.S. Central Command stated that the U.S. military has launched "six consecutive nights of new strikes against Iran to further weaken its military capabilities." 4. Iran retaliated with missiles and drones, targeting U.S. military bases in neighboring countries, including a series of attacks on a recently expanded airbase in Jordan. Three sources revealed that Iran has instructed the Houthi rebels to prepare to immediately block Red Sea oil shipping routes should the U.S. attack Iranian power infrastructure. 5. International Energy Agency Executive Director Fatih Birol stated, "Oil security remains a critical issue. If the situation does not improve in the coming weeks, we should be concerned, and I am indeed concerned." IG analysts pointed out that from a technical perspective, if WTI crude oil can hold the key support level of over $70, it may test the resistance near $85.