Crude Surges Past $100 as Middle East Friction Intensifies

Original summary · What happened

International and domestic crude benchmarks advanced sharply on Friday, propelled by ongoing military friction in the Middle East. Front-month Brent crude contracts climbed 1.4 percent to reach $114.72 per barrel, touching their highest mark since early May and staying on track for a 4.4 percent advance over the week. Concurrently, West Texas Intermediate crude increased 1.7 percent to settle at $101.11 a barrel, extending Brent's run to three straight weeks of positive momentum while WTI registered a slight weekly decline of 0.2 percent.

Energy participants remained heavily focused on geopolitical developments across key shipping arteries. Iran's Islamic Revolution Guards Corps stated that multiple marine vessels caught fire or struck naval mines within the Persian Gulf and the Strait of Hormuz. In contrast, former U.S. President Donald Trump publicly disputed these maritime incident accounts on social media, alleging that reports were fabricated to influence crude markets ahead of the upcoming legislative elections while asserting that regional tanker transit volumes remain above pre-conflict levels.