Brent crude futures climbed above $102 per barrel on Friday, rising for the third straight session after Iran’s new Supreme Leader Mojtaba Khamenei pledged to keep the Strait of Hormuz effectively shut. He also warned that Iran may open additional fronts in the conflict if the US and Israel continue their attacks, while US President Donald Trump said preventing Iran from obtaining nuclear weapons and posing a threat to the Middle East is more important to him than the cost of oil. Tankers have been unable to load cargo from the Gulf since the conflict began earlier this month, effectively removing 20% of global trade and forcing GCC members to cut production by 10 million barrels per day as storage capacity filled up. The IEA said the disruption was the largest in oil market history, prompting its members to agree on a 400 million barrel release from strategic stockpiles.