Brent crude settled at $116.72 a barrel on Friday, up $3.55 or 3.14% on the day. That was its highest close since 29 April, Dow Jones Market Data shows. Meanwhile, US WTI rose 3.8% to $103.27, CNBC reported.
Why Brent crude kept rising
First, Houthi attacks on Saudi Arabia continued after Aramco evacuated its Dhahran headquarters. Read our report on Thursday’s move. In addition, the UAE reported an oil spill from a tanker off Umm Al Quwain, Reuters said. The ministry did not give a cause.
Also, traders expect the US to resume strikes on Iran in the coming weeks, CNBC said. Iran’s army chief said the military is ready for “asymmetric warfare”, according to Tasnim.
In the US, the Energy Department approved an emergency loan of up to 400,000 barrels from the Strategic Petroleum Reserve. The crude will go to Phillips 66’s Lake Charles refinery in Louisiana after a supply disruption.
What it means
As a result, Brent gained 6.24% over the week and has now risen for five weeks in a row. It is up 12.74% this month. Even so, it remains below its 2026 high of $118.35, set on 31 March.
For India, which imports most of its crude, every rise lifts the import bill and the pressure on state fuel retailers.
Sources
- Dow Jones Market Data (via Morningstar): Front Month ICE Brent Crude Rose 6.24% This Week to Settle at $116.72
- CNBC: Brent crude oil tops $116, a six-month high, as tensions swell in the Middle East
- Reuters (via Euronext): Brent crude jumps to highest since April on Houthi-Saudi attacks, UAE oil spill
- US Department of Energy: Press release: Strategic Petroleum Reserve exchange to support fuel supply stability
