Oil Prices Surge Above $100 as Middle East Tensions Escalate

Oil prices rose on Friday and are set to end the week above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.

The Brent crude futures price rose by 81 cents, or 0.8%, to $108.44 a barrel, while U.S. West Texas Intermediate crude rose by 69 cents, or 0.7%, to $103.17 a barrel.

Analysts say the rally's durability will hinge on China, the world's largest crude importer, and whether it continues to buy oil in large quantities.