Brent Crude Prices Surge Past $100 Amid Middle East Tensions

Oil prices remained above $100 per barrel on Friday, fueled by concerns over supply disruptions in the Middle East. Brent futures rose 37 cents to $101.06 a barrel, putting them on track for a 14.6% weekly gain.

The price hike is largely due to tensions between Iran and Saudi Arabia, with the Iran-aligned Houthis striking two Saudi oil tankers in the Red Sea. This has led to fears of further escalation in the region, which could impact global energy flows.

ING analysts noted that potential supply disruptions are now larger than at any time during the war, with risks to Saudi oil flows from the Red Sea and a widening conflict in the Gulf.