Crude prices notched their biggest weekly rises in almost two years, as traders speculated that Israel or Iran could strike energy infrastructure in the world’s most important oil-exporting region.
Brent, the global oil benchmark, settled at $78.05 a barrel on Friday, up more than 8 per cent since last Friday following a blistering four-day rally. It marked the biggest weekly gain since January 2023.
The price surge came as escalating conflict in the Middle East ignited fears of violent disruption to exports in a region that produces a third of the world’s crude.
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