Key facts
- Brent crude futures settled at $109.86 on Friday.
- The price reached its highest point since May 19.
- Escalating Middle East tensions and concerns about Russian diesel supply contributed to the rise.
Brent crude futures settled higher at $109.86 on Friday, reaching their highest point since May 19. The rise was attributed to escalating Middle East tensions and concerns about global diesel supply from Russia. The market also reacted to Ukraine striking a Russian oil refinery, which prompted Russia's Ryazan oil refinery to suspend operations at a primary crude distillation unit. Reports also mentioned rumors of attacks on Saudi energy infrastructure contributing to the price increase.