Oil prices set to end week over $100 for first time in nearly 4 months

Business Recorder reported that oil benchmarks were on course to finish the week above $100 a barrel, a level not seen since mid-May. By 0045 GMT, Brent crude futures had added $1.05, reaching $108.68 a barrel, while US West Texas Intermediate was up 95 cents at $103.45, each rising about 1%. Both had surged over 6% on Thursday and were nearly 13% higher for the week.

Rising assaults on maritime lanes in the Middle East have raised fears of a prolonged supply disruption. Houthi forces took the Yemeni port of Mocha on Thursday, adding to the Red Sea risk. Passage through the Strait of Hormuz for Gulf shipments is still limited, and tanker attacks have grown more frequent recently. Analysts noted that strikes launched from Yemen against Saudi energy sites have widened the confrontation well beyond Iran.

President Donald Trump warned Washington could strike Iran's Pickaxe Mountain, a site close to Natanz, and suggested the conflict would stop once the November midterm votes are over. IG analyst Tony Sycamore said it is becoming more likely that WTI could revisit its early March high of $119.48, citing escalation and Iran's apparent willingness to extend the conflict. OPEC reduced its 2026 world oil demand growth forecast at 380,000 barrels per day, the fifth consecutive cut, while a Reuters survey put August output down by 640,000 bpd.