Oil Prices Soar Above $100 Per Barrel Amid Middle East Tensions

Oil prices surged to over $100 per barrel on Friday, marking their highest closing price in four months. The increase is largely attributed to rising tensions in the Middle East, where recent attacks have disrupted shipping routes and threatened global oil supplies.

The seizure of Yemen's port by Iran-aligned Houthis has raised concerns about Red Sea traffic and the critical Strait of Hormuz. Analysts warn that if threats escalate, oil prices could spike to $120 per barrel.

Both major benchmarks, Brent crude futures and US West Texas Intermediate crude, rose on Friday, with Brent gaining 1% to reach $108 a barrel and WTI climbing 1% to $103.45 a barrel.