Brent crude oil prices surged to a six-month high on Friday as escalating tensions in the Middle East, attacks on Saudi Arabia’s energy infrastructure and fears of renewed US military action against Iran heightened concerns over global oil supplies.
Real-time market data showed Brent crude futures for December 2026 delivery trading at $116.29 a barrel, up $3.12, or 2.76%, at 20:38:07. The international benchmark touched its highest level since late April, extending its rally as investors priced in the possibility of further supply disruptions across the region.
US West Texas Intermediate (WTI) crude futures also advanced, trading around $102.56 a barrel, up nearly 3%, according to CNBC. Brent was on track for its third consecutive weekly gain, with the contract heading towards a weekly rise of nearly 6%, CNBC reported.
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The rally comes amid growing uncertainty over Washington’s next move against Tehran. US President Donald Trump said on Wednesday that the United States was not negotiating with Iran and that something would happen fairly soon.
US officials told The New York Times that Washington and Israel were preparing for possible fresh strikes against Iran after the November 3 US midterm elections.
The security situation has deteriorated further following attacks linked to Yemen’s Iran-aligned Houthi movement on Saudi Arabia, the world’s largest crude oil exporter.
Saudi state media reported that a drone attack targeting the Shaybah oil field in the country’s Eastern Region on Wednesday killed two people and injured two others. A separate attack on King Fahd International Airport in Dammam reportedly killed at least two people and injured eight.
Saudi Aramco ordered employees to evacuate its headquarters in Dhahran on Thursday and work remotely following the attacks, Reuters reported. The US State Department also ordered non-essential personnel to leave Saudi Arabia amid worsening security concerns.
Iran, meanwhile, has signalled its readiness for further confrontation. The country’s army chief said the military had strengthened its capabilities and was prepared for asymmetric warfare, according to state media agency Tasnim.
Supply concerns have also emerged elsewhere in the region. The United Arab Emirates reported an oil spill off the coast of Umm Al Quwain on Friday, although authorities have not identified the vessel involved or established the cause.
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UBS analyst Giovanni Staunovo said the market remained concerned about a potential escalation that could trigger renewed supply disruptions. He added that volatile oil flows and elevated freight rates had left the market undersupplied, Reuters reported.
In Libya, the closure of a pipeline valve connecting the Hamada and Tahara oilfields to Zawiya port has also reduced production at both fields, according to the country’s National Oil Corporation.