Oil Prices Above $100 Amid Middle East Conflicts and Supply Concerns
Attacks on critical routes and fears of supply disruptions are pushing oil benchmarks to close above $100 for the first time since mid-May.
Oil prices are heading toward the end of the week above $100 per barrel as attacks on critical maritime shipping routes in the Middle East escalate and fears of prolonged supply disruptions strengthen.
Rise in Oil Prices
Brent crude futures recorded a 1 percent increase, rising to $108.68 per barrel.
U.S. crude also gained 1 percent to reach the $103.45 level, with both benchmarks having surged more than 6 percent on Thursday.
Regional Attacks and Political Statements
Attacks launched from Yemen targeting energy facilities in Saudi Arabia indicate that the conflicts are spreading over a wide area.
U.S. President Donald Trump stated that he could strike Pickaxe Mountain near the heavily damaged Natanz uranium enrichment facility.
Tanker Wars and Market Expectations
Iran announced that it attacked 10 vessels near the Strait of Hormuz after the U.S. struck five oil tankers.
IG analyst Tony Sycamore stated that the likelihood of WTI crude retesting its early March peak of $119.48 has increased.
Fuel Market and Global Demands
According to GasBuddy data, the national average diesel price in the U.S. exceeded $6 per gallon for the first time on Thursday.
OPEC lowered its global oil demand growth forecast for 2026 to 380,000 barrels per day, making a downward revision for the fifth consecutive time.