Oil price today: Brent crude, WTI over $100 per barrel for first time in 4 months
Oil prices have surged past $100 per barrel for the first time in four months due to escalating geopolitical tensions in the Middle East. Increased attacks on shipping routes and energy facilities have heightened supply disruption concerns.
Why it matters
Rising oil prices directly impact global inflation and energy costs, potentially destabilizing international markets.
Oil prices extended their gains on Friday, with both major benchmarks on track to finish the week above $100 a barrel for the first time since mid-May, as growing attacks along key shipping routes in the Middle East heightened concerns over prolonged supply disruptions.Around 7:30 am IST, Brent crude was trading at $107.70 a barrel, up 0.03%, while WTI crude stood at $102.50 a barrel, unchanged. Both benchmarks had surged more than 6% on Thursday, taking their weekly gains to nearly 13%, the steepest increase since the week ended July 17.The latest rise came as risks to oil shipments increased across both the Red Sea and the Gulf.
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