Oil hits USD116 mark as ME conflict rages on

Business Recorder reported that Brent crude rose 3.14 percent on Friday to USD116.72 a barrel, its strongest close since April 29. US West Texas Intermediate gained 3.8 percent to USD103.27, while the two benchmarks advanced 6 percent and 2.3 percent respectively over the week.

The gains came as Houthi strikes in Saudi Arabia, including near energy infrastructure, heightened concern about supply routes; UAE officials also disclosed a tanker-related oil spill, without identifying its cause or vessel. The US authorised a release of as much as 400,000 barrels from its Strategic Petroleum Reserve to counter a disruption at Phillips 66’s Lake Charles refinery, while Germany also offered some oil from state reserves. These developments underline how conflict and supply interruptions are influencing crude markets.