Oil Prices Set to Close Week Above $100

PUKMEDIA

Oil prices.

Oil prices are on track to record their strongest weekly gain in nearly two months, with both major crude benchmarks remaining above $100 a barrel amid growing concerns over supply disruptions in the Middle East.

Brent crude futures fell 1.5% to $105.99 a barrel on Friday, while US West Texas Intermediate (WTI) crude declined 1.3% to $101.20. Despite the daily falls, both benchmarks remained more than 10% higher for the week. 

Brent earlier reached a four-month high of $109.97 a barrel and is heading for a weekly gain of around 13%, as escalating attacks on shipping routes have increased fears of prolonged disruptions to global energy supplies. 

The latest rise in oil prices has been driven largely by heightened tensions in the Middle East, particularly around the Strait of Hormuz and the Red Sea. Attacks on tankers and disruption to shipping routes have raised concerns about the movement of crude and other energy products through key waterways. 

Iran-aligned Houthi forces have also seized control of Yemen’s port of Mocha, adding to concerns over the security of commercial shipping in the Red Sea. Meanwhile, attacks on energy facilities in the Gulf have further increased uncertainty over regional oil supplies. 

The surge in crude prices is also raising concerns about inflation. In the United States, diesel prices have risen above $6 a gallon for the first time, while higher energy costs are putting additional pressure on consumers and businesses. 


PUKMEDIA