Oil Prices Surge Amid Middle East Tensions
Oil prices are on track to close above $100 per barrel for the first time since mid-May, driven by rising tensions in the Middle East and supply disruptions.
The Brent crude futures price rose 81 cents, or 0.8%, to $108.44 a barrel, while US West Texas Intermediate crude increased 69 cents, or 0.7%, to $103.17 per barrel on Friday.
The surge in oil prices comes amid increasing attacks along key shipping routes in the region, including the Strait of Hormuz and Yemen's port of Mocha, which was seized by Iran-aligned Houthis on Thursday.
Analysts warn that if China continues to buy crude, it could amplify the impact of supply disruptions and drive prices even higher. OPEC lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, marking the fifth straight downward revision.