Crude Oil Surges as Middle East Escapes Escalate Supply Threats

Crude oil prices surged on Friday, with Brent climbing as high as $118 per barrel and WTI topping $104 per barrel. Markets reacted to escalating geopolitical risks, including potential U.S. military strikes against Iran presented to Donald Trump. Supply threats intensified following Houthi attacks targeting Saudi energy infrastructure, including the 550,000 barrel-per-day Ras Tanura refinery, Rabigh, and Abqaiq. Maritime tensions also escalated after tanker attacks near the Strait of Hormuz. Both benchmarks are tracking double-digit monthly gains, reinforced by U.S. commercial crude stockpiles falling by 1.9 million barrels.