Global oil prices have risen for a third consecutive week as the expanding conflict in the Middle East and repeated Houthi attacks on Saudi Arabia disrupt energy supplies, intensifying economic pressure across Asia and Europe.
Brent crude rose by at least 1% on Friday, surpassing $116.72 a barrel. The benchmark gained 6.2% over the week, marking its biggest weekly increase in two months. The price also reached its highest level since May, according to reports published on Saturday.
Since the United States and Israel launched joint strikes on Iran on February 28, crude oil prices have climbed by around 60%. West Texas Intermediate (WTI), the US benchmark, has also risen by more than 50%, exceeding $103 a barrel on Friday.
Fears that a further expansion of the conflict could disrupt international oil supplies have been a major driver of the price increases. Repeated Houthi attacks on Saudi Arabia have added to uncertainty over the region’s energy infrastructure and supply routes.
Rising oil prices have also weighed on European stock markets. The STOXX 600 index fell 0.13% at the start of trading on Friday, while it had recorded its steepest decline in three weeks on Thursday. The losses raised concerns about a further weekly drop in the benchmark index.
Meanwhile, Russia’s domestic fuel market has shown signs of relief. The country’s government said petrol and diesel production had increased and fuel stocks were rising.
Denis Kissler, senior vice-president of trading at US investment and brokerage firm BOK Financial Securities, said recent geopolitical tensions pointed to the possibility of more intense attacks on Iran. Market expectations of a prolonged conflict have raised concerns that oil prices could climb further over the longer term.