Analysts say any attempt to attack or seize Iran’s strategic oil hub is likely to be fraught with risk.

Global oil prices traded around the $100-a-barrel level Friday, shrugging off the Trump administration’s earlier decision to temporarily allow the delivery and sale of sanctioned seaborne Russian crude – a waiver aimed at mitigating a surge in prices following its attacks on Iran.

Oil prices dipped but were on track for weekly gains as disruptions due to the Middle East conflict broadly persisted.

WTI crude saw its biggest weekly gain since the 1980s last week.

Economist Olivier Blanchard said oil prices could climb to $200, as fully protecting ships in the Strait of Hormuz is nearly impossible.

Brent crude oil hovered around $100 a barrel Thursday, after Iran’s new leader said the Strait of Hormuz would remain shut and as further attacks on ships in the Gulf spooked energy traders.

The International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles.

Gold prices edge higher; Treasury yields stabilize