Oil Prices Soar to Multi-Month Highs Driven by Middle East Supply Fears

Oil prices finished the trading week with a notable increase, closing today, Friday, above $100 per barrel for the first time since mid-May. This climb underscores escalating fears of prolonged crude supply disruptions, fueled by intensifying attacks on critical shipping routes in the Middle East. Brent crude futures rose by $1.05 to reach $108.68 a barrel, and U.S. West Texas Intermediate (WTI) futures advanced by $0.95, settling at $103.45. Both indices had surged more than 6% during Thursday's trading. Weekly figures show oil prices gained approximately 13%, marking the most significant weekly increase since the period ending July 17.