Oil prices have risen sharply after reports of new attacks on oil tankers and a lack of progress in peace talks between the United States and Iran raised concerns about global supplies.

Brent crude settled at $88.52 per barrel, up $1.45, or 1.67%. US West Texas Intermediate (WTI) crude also gained $1.15 to reach $82.40 per barrel.

Both major oil benchmarks are heading for strong weekly gains. Brent is expected to rise around 6% this week, while WTI is on track for a 5.4% increase.

Market experts said growing tensions in the region are putting fresh pressure on oil prices. Andrew Lipow, an oil market analyst, told Reuters that crude prices were gaining momentum toward the end of the week following reports of further tanker attacks.

The situation has also raised concerns about shipping through the Strait of Hormuz, one of the world's most important oil transit routes. Any prolonged disruption could create serious problems for global energy markets.

Lipow warned that if maritime traffic through the Strait of Hormuz remains restricted, the situation could develop into a major crisis.

Markets are now closely watching developments between Washington and Tehran, as any progress toward a peace agreement could ease supply concerns, while further attacks or disruptions could push oil prices even higher.