Brent crude surges above $116

West Texas Intermediate (WTI) crude rose 3.8% to $103.27 per barrel. On a weekly basis, Brent gained approximately 6%, while WTI advanced 2.3%. Escalating geopolitical tensions in the Middle East and growing concerns over energy supplies supported the rise in oil prices.

Attacks by Yemen's Houthi forces against Saudi Arabia and an oil spill off the coast of the United Arab Emirates heightened concerns about the security of energy shipments in the region. Risks to maritime transportation through the Strait of Hormuz and surrounding waters intensified fears of supply disruptions, while reduced production in Libya due to pipeline problems also contributed to upward pressure on prices. A sustained increase in oil prices could pose additional risks to global inflation expectations and central banks' interest rate policies.