Crude futures settle higher

Oil prices surged on Friday due to ongoing military conflicts in the Middle East.

The West Texas Intermediate for August delivery gained 3.54 U.S. dollars, or 4.48 percent, to settle at 82.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery added 3.87 dollars, or 4.59 percent, to settle at 88.10 dollars a barrel on the London ICE Futures Exchange.

Over the past several days, the U.S. military has launched multiple waves of strikes against Iran's southern provinces, claiming that the attacks are in response to the Iranian armed forces' targeting of vessels in the Strait of Hormuz, and aimed at "degrading Iran's ability to threaten commercial shipping."

Iran has responded with waves of missile and drone attacks targeting U.S. military bases and facilities across the region.

U.S. forces conducted a new round of strikes against Iran on Friday afternoon, marking the seventh consecutive night of attacks, the U.S. Central Command (CENTCOM) said in a statement.

The strikes, launched at 15:00 Eastern Time (1900 GMT), are intended to further degrade Iran's military capabilities, CENTCOM said.

Iranian media reported that U.S. strikes hit multiple areas across southern, central, and southwestern Iran overnight, with explosions heard.

The deputy governor of Hormozgan Province confirmed early Saturday that three people had been killed and eight others wounded in the attacks.

In strikes the day before, several bridges in southern Iran were hit by U.S. forces, with civilian casualties reported. Iranian Foreign Minister Seyed Abbas Araghchi and spokesman Esmaeil Baghaei condemned the attacks on civilian infrastructure and civilians, saying the Iranian people are now more resolute and united than ever.

While U.S. forces were conducting strikes, Iran also announced multiple strikes on U.S. military targets.

The Iranian military said on Friday that its navy launched shore-based cruise missiles at a U.S. warship in the northern Indian Ocean, forcing it out of Iran's strike range.

The Islamic Revolutionary Guard Corps (IRGC) said early Saturday that it had struck and destroyed a U.S. unmanned vessel storage base in Bahrain, along with an artificial intelligence center used by the United States for targeting enemy positions.

Separately, Iran's semi-official Tasnim news agency reported that a U.S. MQ-9 Reaper drone was shot down over Bushehr by the IRGC Navy's air defense system.