Oil Prices Surge Past $100 a Barrel Amid Middle East Attacks

Oil prices rose on Friday and are set to end the week at over $100 a barrel for the first time since mid-May, due to increasing attacks along key shipping routes in the Middle East.

The Brent crude futures price rose by $1.05, or 1%, to $108.68 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 95 cents, also 1%, to $103.45 a barrel.

The gains come after both benchmarks rose over 6% on Thursday, and are trading nearly 13% higher for the week, their steepest gain since July 17.

Analysts say the rally's durability will hinge on China, the world's largest crude importer, which could amplify the impact of supply disruptions and drive prices higher if it continues to buy.