Crude oil prices rose again in global markets on Friday as the escalating conflict between the United States and Iran raised concerns over potential disruptions to energy supplies from the Middle East. Oil prices are now heading for a second consecutive weekly gain.
Brent crude futures increased by 4 cents, or 0.04%, to $93.82 a barrel. Meanwhile, US benchmark West Texas Intermediate (WTI) crude fell by 6 cents, or 0.06%, to $86.78 a barrel.
On a weekly basis, however, both benchmarks posted significant gains. Brent crude has risen more than 7% over the past five trading sessions, while WTI has gained around 8%.
In the previous trading session, both international benchmarks climbed more than 2%, pushing oil prices to their highest level since July 24.
Market analysts said uncertainty surrounding global oil supplies amid the conflict in the Middle East has been one of the key drivers behind the recent price increases. They warned that a prolonged conflict could put further pressure on global energy supplies and push prices higher.
Source: Al Jazeera