Brent crude climbed roughly 3.5% on Friday and briefly topped $117 a barrel, the highest price since April, amid fears of a new escalation in the conflict with Iran, The Guardian reports.
The rise came after Tehran threatened to target oil facilities, undersea cables and data centres in the Gulf if the US and Israel launched a fresh offensive. Analysts pointed to reports that Washington was considering renewed strikes after the 3 November midterm elections. Prices later eased to just over $116.
Brent traded at about $72 in February before the war began and peaked near $126 in late April. Iran's Revolutionary Guards said this week that they had hit four commercial ships in the Strait of Hormuz, while Houthi attacks on Saudi Arabia have intensified. Ukrainian strikes on Russian refineries are adding to supply worries.
Source: The Guardian Middle East
