Global oil prices closed Friday near their highest levels in nearly six months amid escalating tensions in the Middle East and concerns about disruptions to energy supplies.
Brent crude futures for December delivery on the London-based ICE Futures exchange rose by $3.55 (3.14%) to $116.72 per barrel at the close of trading on Friday. This is the highest closing price since April 29, 2026.
WTI crude oil futures for December delivery on the New York Mercantile Exchange (NYMEX) rose by $3.80 (3.8%) to $103.27 per barrel. For the week, Brent rose by about 6%, and WTI by 2.3%, according to Reuters.
On Saturday, October 24, the major exchanges for oil futures do not hold regular trading sessions.
The oil market is being supported by fears of a further escalation of the conflict in the region. According to Reuters, Friday’s price increase was linked, in particular, to attacks by Iran-backed Yemeni Houthis on Saudi Arabian territory, including energy infrastructure.
Reports of an oil spill off the coast of the United Arab Emirates have added to market concerns. However, the country’s authorities have not disclosed the cause of the incident nor identified the vessel from which the oil may have leaked.
Market participants are also monitoring the safety of shipping in the Strait of Hormuz and adjacent sea lanes. The increasing number of incidents involving commercial vessels heightens the risk of disruptions to oil supplies from the Persian Gulf countries.
Against this backdrop, the U.S. authorized an emergency release of up to 400,000 barrels of oil from the Strategic Petroleum Reserve to compensate for disruptions in crude oil supplies to the Phillips 66 refinery in Louisiana. Germany has also begun releasing part of its strategic reserves of petroleum products and crude oil.
Future price trends will depend on developments in the Middle East, the status of maritime shipping routes, and whether the escalation of the conflict leads to an actual reduction in oil exports from the region.
