Crude oil prices surged on Friday, extending recent gains as escalating geopolitical tensions in the Middle East stoked concerns over global energy supplies disruption.
Brent crude futures soared 58 cents, or 0.5 percent, to $113.75 per barrel as of 0439 GMT. Brent settled at its highest since May 4 on Thursday. US West Texas Intermediate crude futures climbed 66 cents, or 0.7 percent, to $100.13.
On a weekly basis, Brent is set to close higher for a third successive week, while WTI is on track to finish lower, following gains in the last two weeks.
Brent has gained 4.2 percent over the past week and 12.5 percent over the past month. On a year-to-date basis, crude oil prices have surged 81.4 percent, reflecting the sharp impact of geopolitical uncertainty on energy markets.
The global benchmark touched its yearly high of around $118 per barrel on March 31, 2026. It is currently trading about 7 percent below that level. However, it has recovered sharply from its lowest level since the war began, at $71.50 per barrel on July 1, 2026, marking a rise of approximately 54 percent from the low.