U.S. crude oil futures climbed approximately 2.5% in after-hours trading on Friday, following a CBS News report stating that the U.S. and Israel are preparing what could be one of the most intensive bombing campaigns yet against energy infrastructure targets in Iran, with potential strikes possibly occurring throughout the weekend.

A coordinated effort would signal Israel's return to active combat operations, which were paused following a U.S.-brokered truce last month. Iran has not launched an attack on Israel since that memorandum of understanding collapsed.

"We will be hitting them very hard," President Trump stated during a televised cabinet meeting on Friday. "At some point, they’re going to say, 'We just can't take it anymore.'"

Trump's remarks contrasted with his earlier insistence this week that "very friendly negotiations" were ongoing, which had allowed for a halt in military activities.

Iran subsequently carried out a surprise assault on troops in Jordan, prompting a U.S. retaliatory strike on Wednesday. On Friday, Iran's Revolutionary Guard Corps announced it had attacked two tankers transiting the Strait of Hormuz and forced four others to alter their course.

Oil prices gained more than 1% during regular trading on Friday, capping their largest monthly gains since March.

"Geopolitical risk premium [remains] firmly in place near chokepoints like the Strait of Hormuz," research firm Gelber & Associates said in a note. "Domestic supply is reinforcing the move as well, with U.S. crude stockpiles... down to multiyear lows."

The Energy Information Administration reported earlier this week that U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by an additional 7.2 million barrels. Analysts cautioned that the ongoing drawdowns have pushed inventories significantly lower than anticipated.

"U.S. crude inventories, both commercial and the SPR, have drawn down by nearly 20% since early April. The U.S. accounts for ~70% of global onshore crude inventory draws over the past four months," Kpler analyst Matt Smith noted in a report.

Additionally, OPEC+ is expected to agree on Sunday to increase production by an extra 188,000 barrels per day at its meeting, completing the unwinding of 1.65 million barrels per day in voluntary cuts implemented in 2023.