Oil Prices Soar Above $100 as Middle East Conflicts Intensify
Oil prices surged above $100 per barrel on Friday as fears of prolonged supply disruptions mounted. The Brent crude futures rose by 81 cents to $108.44 a barrel, while U.S. West Texas Intermediate crude increased by 69 cents to $103.17 a barrel.
The gains came despite the lack of clear signals from U.S. President Donald Trump on easing attacks on Iran. In fact, Trump warned that the U.S. might hit Iran's Pickaxe Mountain near its heavily damaged Natanz uranium enrichment facility.
Analysts pointed to the escalating conflict in the Middle East as a major driver of oil prices. The Houthis' seizure of Yemen's port of Mocha on Thursday added to concerns about Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz due to recent tanker attacks.
OPEC lowered its forecast for world oil demand growth in 2026, marking the fifth straight downward revision. If China continues to buy crude at current levels, it could amplify the impact of supply disruptions and drive prices higher.