Middle East Conflict Pushes Oil Prices Above $100

Crude oil prices surged past $100 per barrel on Friday, driven by escalating conflict in the Middle East and concerns about global supply security.

The Brent crude oil benchmark traded around $101.06 per barrel, while U.S. West Texas Intermediate (WTI) crude stood near $91.20 per barrel, both poised for a fourth consecutive weekly gain.

The latest rally was sparked by attacks on Saudi oil tankers in the Red Sea and threats of further disruptions to vessels carrying crude and petroleum products from the region.

A naval blockade targeting Saudi Arabia announced by Iran-aligned Houthi forces has raised the possibility that shipping companies could avoid affected waters, suspend operations or demand higher insurance premiums.