Oil prices rose on Friday and both major benchmarks are on track to end the week above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.
Brent crude futures rose 81 cents, or 0.8%, to $108.44 a barrel by 0345 GMT. U.S. West Texas Intermediate crude rose 69 cents, or 0.7%, to $103.17 a barrel. Both benchmarks rose more than 6% on Thursday.
On a weekly basis, the benchmarks were trading nearly 13% higher — the steepest gain since the week ended July 17. Iran-aligned Houthis seized control of Yemen’s port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.
Attacks from Yemen on Saudi energy facilities marked an escalation beyond Iran and the Strait of Hormuz and raised fears of prolonged disruptions in the broader region, analysts say.
“While meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre‑war levels, underscoring how fragile the situation has become,” ING analysts said in a note.
