Key facts
- Brent crude oil prices reached $116.72 per barrel, the highest since late April.
- West Texas Intermediate crude futures rose to $103.27 a barrel.
- Concerns over escalating Middle East conflict and potential disruptions to energy supplies are driving prices higher.
- Global markets are also contending with concerns about AI spending and winter energy demand.
Oil prices surged to their highest levels since late April on Friday, with Brent crude surpassing $116 a barrel amid escalating Middle East tensions and concerns over global energy supplies. The international benchmark gained nearly 6% for the week, marking its third consecutive weekly rise. West Texas Intermediate crude futures also saw a significant increase, rising 3.8% to $103.27 a barrel. Investors are increasingly worried about potential disruptions to energy supplies due to the ongoing conflict in the Middle East, including attacks by Houthi militants on Saudi Arabia and uncertainty surrounding US-Iran relations. Global markets are also grappling with concerns about the sustainability of AI spending and the prospect of increased energy demand as winter approaches in the northern hemisphere.