Oil Prices Surge Above $100 Amid Escalating Middle East Tensions

Oil prices surged above 8% this week due to escalating tensions in the Middle East and concerns over supply disruptions. The Brent benchmark closed at $104.61 a barrel, while U.S. West Texas Intermediate (WTI) fell to $100.05 a barrel.

The weekly gains for Brent were 8.7%, with WTI rising by 9.4% as global energy markets remain on high alert due to the possibility of a prolonged Iran-U.S. conflict and attacks on energy infrastructure.

Saudi Arabia's key pipeline, which transports oil to the Red Sea, was reportedly damaged in an attack attributed to militants linked to Iran, prompting concerns over potential repercussions for Saudi Arabian exports.