Brent crude oil futures hovered near $109 a barrel Friday as traders priced in heightened Middle East risks heading into the holiday weekend. In a Wednesday night address, U.S. President Donald Trump said U.S. military objectives would be completed “very shortly” but warned Iran would be hit “extremely hard” in the coming weeks, keeping uncertainty elevated. The lack of a clear timeline has dimmed hopes for a swift end to the conflict and reopening of the Strait of Hormuz, a vital global oil artery. Separately, the UK is convening a virtual meeting of 35 nations to explore options for restoring safe passage through the strait. In Russia, attacks on port infrastructure, pipelines, and refineries have reduced export capacity by 1 million barrels per day, or a fifth of the total capacity. Meanwhile, OPEC+ is set to review potential output increases Sunday, though any meaningful boost is unlikely until the strait fully reopens.