Oil prices rose by more than 4% in Friday trading, recording their highest levels in more than a month, after the United States and Iran intensified their attacks across the Gulf region, disrupting oil flows through the Strait of Hormuz again, in addition to the emergence of a new threat to shipping movement through the Bab al-Mandab Strait in the Red Sea.
Brent crude futures increased $3.87, or 4.59%, to record $88.10 per barrel upon settlement, and US West Texas Intermediate crude futures rose $3.54, or 4.48%, to $82.49 per barrel. Both crude oils recorded their highest levels since mid-June.
The two crude oils rose by about 16% this week, and Brent crude is heading towards achieving its third weekly gain in a row, and US crude is heading towards achieving its second weekly gain.
