Oil Prices Top $113 as Middle East Tensions Escalate

Global crude oil prices rose further on Friday amid escalating geopolitical tensions in the Middle East and growing concerns over potential supply disruptions.

Attacks in Saudi Arabia and reports of possible fresh military strikes by the United States and Israel against Iran have kept oil prices on an upward trend for a third consecutive week.

Brent crude, the global benchmark, rose 0.36% to $113.58 a barrel on Friday. US West Texas Intermediate (WTI) crude gained 0.33% to $99.80 a barrel. Brent prices have increased by around 3% over the week.

Iran-backed Houthi rebels in Yemen reportedly attacked the strategically important Saudi port of Yanbu on the Red Sea coast, as well as an oilfield and an airport in Saudi Arabia. The attacks have heightened concerns about the security of energy supplies from the Middle East.

Meanwhile, a report has indicated that the United States and Israel are planning a possible major new round of joint strikes against Iran as part of the regional conflict that began in late February.

News of the reported plans has added to upward pressure on oil prices. The conflict between the United States and Iran is approaching its ninth month, and Brent crude has risen by more than 85% so far this year.

A report published this week by The New York Times said the United States and Israel had developed coordinated plans for renewed strikes against Iran shortly after the US midterm elections scheduled for early next month.