Global oil prices have climbed to their highest level since May amid fears that fighting between the United States and Iran could resume, RNZ reports.
Brent crude rose as much as 4 per cent during Friday's Asian trading to just over $113 a barrel, while West Texas Intermediate gained about 3 per cent to just under $100.
The rise followed a New York Times report that the Trump administration has drawn up plans for fresh strikes on Iran after next month's US midterm elections. The US has also reportedly told some non-emergency government staff to leave Saudi Arabia, which continues to face missile attacks from Iran-backed Houthi rebels. Oil peaked at $126 a barrel in April in the aftermath of the US-Iran war.
Source: RNZ
