Middle East Tensions Drive Oil Prices Above $100
Oil prices are on track to end the week above $100 per barrel for the first time since mid-May, as ongoing attacks along key shipping routes in the Middle East raise concerns about supply disruptions.
Brent crude futures rose $1.05 or 1% to $108.68 a barrel by 0045 GMT, while US West Texas Intermediate crude increased 95 cents or 1% to $103.45 per barrel.
The recent attacks include the seizure of Yemen's port of Mocha by the Houthis on Thursday, which further threatens Red Sea traffic, and ongoing restrictions through the Strait of Hormuz following tanker attacks in the region.
Analysts believe that these events could lead to a prolonged disruption of supplies, with IG analyst Tony Sycamore stating that WTI crude may retest its high from early March at $119.48.