Brent Crude Hits Six-Month High as Middle East Supply Fears Grow
Oil prices rise more than 3% as Houthi attacks in Saudi Arabia and a reported UAE oil spill raise concerns over global energy supplies.
Middle East – (Staff Reporter/Web Desk) – Brent crude hits six-month high on Friday as oil prices climbed more than 3% amid growing concerns over energy supplies in the Middle East.
Brent crude futures settled at $116.72 per barrel, rising $3.55, or 3.14%. This was the highest closing price since April 29. US West Texas Intermediate (WTI) crude also gained $3.80, or 3.8%, to settle at $103.27 per barrel.
For the week, Brent crude gained 6%, while WTI prices rose 2.3%.
The increase came after Houthi attacks in Saudi Arabia raised concerns about the safety of regional energy infrastructure. A reported oil spill in the United Arab Emirates added to fears of possible supply disruptions.
The Middle East plays a major role in global energy markets. Any disruption to oil production, transport or export routes can affect prices and increase uncertainty for buyers.
Higher oil prices also helped energy shares on Wall Street. The US energy sector rose 2.5% on Friday, reaching a record high.
However, the wider US stock market ended lower. The Dow Jones Industrial Average fell 1.23%, while the S&P 500 dropped 0.52%. The Nasdaq Composite also lost 0.21%.
Investors remained concerned about technology stocks and the large amounts of money companies are spending on artificial intelligence. These concerns affected market sentiment despite small gains in some technology shares.
Investors are now watching earnings reports from major companies, including Alphabet, Microsoft and Amazon. Their financial results and AI spending plans could influence market movements in the coming week.
Meanwhile, US Treasury yields moved higher. The yield on the 10-year Treasury note rose to 4.99%, staying just below the 5% level. Persistent inflation remains another concern for investors.
European markets also faced pressure. The STOXX 600 index fell 0.31% on Friday and lost around 1.4% over the week. Political uncertainty and budget concerns in France added to market worries.
Investors will continue to watch developments in the Middle East for signs of further disruption to oil supplies. Corporate earnings, inflation and technology spending are also expected to shape financial markets in the coming days.
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