Brent Crude Surges Past $109 Amid Middle East Tensions
Oil prices have surged to multi-month highs as escalating attacks on energy infrastructure and shipping in the Middle East have heightened concerns that crude could stay above $100 a barrel into the new year.
Brent crude, the global benchmark, jumped more than 6 percent on Thursday to reach $109 a barrel, its highest level since May, and continued trading around $107 on Friday. This rally followed fresh strikes exchanged between the United States and Iran in the Strait of Hormuz, a chokepoint through which one-fifth of the world's oil supply passes.
A day earlier, Brent had already crossed the $100 threshold, climbing 2.2 percent on Wednesday as US-Iran tensions roiled global energy markets. West Texas Intermediate rose 1.5 percent to $94.50 a barrel, according to Anadolu.