Oil Benchmarks Jump on Middle East Tensions and Infrastructure Attacks

Original summary · What happened

International energy benchmarks climbed significantly during Friday's trading session, driven by heightened conflict across critical Middle Eastern transit routes. Brent crude reached an intraday peak of $110 per barrel before settling at $109.86, registering a 3.7% advance and reaching its highest valuation since May. Concurrently, West Texas Intermediate crude finished at $101.41 per barrel after climbing 3.5% on the session, bringing its weekly appreciation above 10% amid intensifying geopolitical disruptions.

The price surge coincided with expanding military confrontations impacting maritime traffic and petroleum processing facilities across the region. Iranian forces intensified operations against shipping vessels in the Strait of Hormuz, where a minimum of nine cargo ships and tankers have faced assaults since Sunday. Concurrently, Saudi Arabian defense units reported destroying drones and intercepting missiles directed toward Red Sea terminals such as Yanbu following a series of strikes launched by Houthi militants.