Brent crude hits more than five-month high on concern over Middle East escalation

Brent crude climbed to $114.57 a barrel on Friday, up $1.40, or 1.2 per cent, by 1138 GMT, after earlier reaching $115, its highest level since May 4. US West Texas Intermediate rose $1.48, or 1.5pc, to $100.95. Dawn reported that Houthi attacks in Saudi Arabia heightened concern about possible interruptions to Middle Eastern energy supplies.

Brent was set for a third straight weekly advance, up 4.2pc, while WTI was on course to end the week 0.5pc lower. Saudi Aramco ordered its Dhahran headquarters evacuated on Thursday as fighting intensified, and a Libyan pipeline closure also cut output at two oilfields. An oil spill was reported off the United Arab Emirates, while the cause and tanker involved remained unknown.