Oil Prices Surge Above $100 as Middle East Tensions Escalate

Oil prices are poised to close the week above $100 per barrel for the first time since mid-May, driven by escalating tensions in the Middle East and concerns over supply disruptions.

The Brent crude futures price fell by $1.64 or 1.5% to $105.99 a barrel on Friday, while U.S. West Texas Intermediate crude dropped by $1.28 or 1.3% to $101.20 per barrel.

The recent attacks on Saudi energy facilities and the seizure of Yemen's port of Mocha have raised fears of prolonged disruptions in the region, according to analysts.

ING analysts noted that while meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre-war levels, underscoring the fragility of the situation.