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

Crude oil benchmarks are poised to finish the week over $100 a barrel, the first such weekly close in about four months, according to Business Recorder. In early Singapore trade on Friday, Brent was up 0.8% at $108.44 a barrel, while WTI stood at $103.17 after a 0.7% gain. Both benchmarks had surged more than 6% on Thursday and were heading for a weekly gain close to 13%, the biggest such advance since the week of July 17.

Houthi fighters took over the Yemeni port of Mocha on Thursday, adding risk for Red Sea traffic, while tanker attacks near Hormuz have grown more frequent. Analysts also said strikes from Yemen on Saudi energy facilities widened the conflict beyond Iran.

US diesel rose above $6 a gallon for the first time, according to GasBuddy, driven by supply disruptions from the US-Iran war and Ukrainian strikes on Russian refineries. Iran said it hit 10 ships near Hormuz after the US struck five Iranian tankers. IG analyst Tony Sycamore said WTI could test its early March high of $119.48, while OPEC trimmed its 2026 demand growth forecast to 380,000 barrels per day.