Brent crude oil prices climbed to around $116 a barrel on Friday, reaching their highest level in nearly six months as fears of renewed US strikes against Iran raised concerns about global oil supplies. The international benchmark has gained nearly 6% this week, putting it on track for a third consecutive weekly rise.
The rally comes amid rising tensions in the Middle East, continued attacks by Iran-aligned Houthi militants on Saudi Arabia and concerns about disruptions to key oil supply routes. Uncertainty over the next phase of the US-Iran conflict has also added to fears that oil prices could rise further in the coming weeks.
Brent crude futures rose 2.6% to $116.13 a barrel on Friday, their highest level since April 30, according to CNBC. The latest rise puts prices above the peak recorded at the start of the war and marks a significant increase amid growing concerns about a fresh escalation in the conflict.
US West Texas Intermediate (WTI) crude futures also gained around 3% to trade at $102.56 a barrel. Brent futures were on track for a weekly gain of nearly 6%, while WTI was set to rise around 1% over the same period.
The rally shows growing concerns that the US could resume military strikes against Iran in the coming weeks. Any escalation could threaten oil production, shipping routes and supplies from the Middle East, a key region for global energy markets. Oil prices have also been supported by concerns about supply disruptions beyond Iran, including attacks on Saudi Arabia and interruptions to production and transportation elsewhere.
