Oil prices continued to rise on Friday and are on track to finish the week above $100 per barrel for the first time since mid-May, as growing tensions in the Middle East increased concerns about potential disruptions to global energy supplies.
Brent crude futures gained about 1%, rising $1.05 to reach $108.68 per barrel. U.S. West Texas Intermediate (WTI) crude also advanced by around 1%, adding 95 cents to trade at $103.45 per barrel. Both benchmark contracts had already surged more than 6% during Thursday’s trading session.
The latest gains reflect growing worries over the security of key shipping routes in the Middle East, a region that plays a critical role in global oil exports. Traders are closely monitoring developments amid fears that escalating tensions could affect the movement of crude oil and fuel supplies.
On a weekly basis, oil prices are heading toward gains of nearly 13%, marking their strongest weekly performance since July. The rally has been driven by concerns that any disruption to major transportation routes or energy infrastructure could tighten global supplies and push prices even higher.
Market participants remain focused on geopolitical developments, as continued uncertainty in the region could have significant implications for global energy markets. Rising shipping risks and the possibility of supply interruptions have increased volatility, supporting higher oil prices throughout the week.
If current conditions persist, oil is set to record its highest weekly close in several months, highlighting the market’s sensitivity to geopolitical risks and supply security concerns.
