Key facts
- Brent crude oil reached $114.72 a barrel, its highest level since May.
- Fears of renewed US-Israeli strikes on Iran are driving market concerns.
- Houthi rebel attacks on Saudi Arabia and Ukrainian strikes on Russian refineries are also impacting supply.
- Iran threatened to strike energy and data facilities if attacked.
Oil prices surged to their highest level in over five months on Friday, with Brent crude reaching $114.72 a barrel, driven by escalating fears of conflict in the Middle East. Iran has warned of potential strikes on energy and data facilities if faced with new US-Israeli attacks. This heightened tension comes amid ongoing Houthi attacks in the Red Sea and Ukrainian strikes on Russian refineries, which are also contributing to supply concerns. Oil prices had previously traded around $72 a barrel in February before the conflict began, soaring to $126 by late April.