Brent Crude Jumps Near $100 Amid Middle East Conflict
The price of Brent crude oil is poised to surge by nearly 12% for the week after briefly topping $100 a barrel on Friday. The global benchmark has been trading near $99 a barrel since Houthi attacks on tankers in the Red Sea raised supply concerns, adding fuel to the ongoing Middle East conflict. US President Donald Trump threatened 'major military punishment' if further attacks occur, and warned of a 'massive attack' on Iran.
Trump's comments came after West Texas Intermediate fell below $91 on Friday, paring this week's gain. The rise in Brent crude prices has been driven by supply fears, with the Houthi attacks opening up a new front in the conflict. Despite the uncertainty, the market appears to be pricing in the risk of further military action.
The Trump administration has been at odds with Iran over its nuclear program and has imposed sanctions on the country's oil exports. The latest development has raised concerns about the potential for a wider conflict, which could impact global energy markets.