On Friday, September 11, oil prices rose again and are likely to end this week above $100 per barrel for the first time since May. Reuters reports, according to UNN.
On Friday, oil prices fell, but both major benchmarks are likely to end the week above $100 per barrel for the first time since mid-May, as a growing number of attacks on key shipping routes in the Middle East heightens fears of prolonged supply disruptions
On Friday, the benchmarks gave up all their early gains and traded lower after the Financial Times reported that foreign ministers from Middle Eastern countries were trying to reach a temporary agreement with Iran on regulating shipping through the Strait of Hormuz.
As of 06:43, Brent crude futures fell by $1.64, or 1.5%, to $105.99 per barrel. West Texas Intermediate crude fell by $1.28, or 1.3%, to $101.20 per barrel.
Prices for these benchmark grades of crude oil were still trading more than 10% above last week's levels—the sharpest increase since the week ending July 17. On Thursday, both benchmark grades rose by more than 6%.
Analysts say that attacks from Yemen on Saudi energy facilities marked an escalation of the conflict beyond Iran and the Strait of Hormuz and heightened fears of prolonged disruptions to transport infrastructure across the wider region.
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Brent oil prices exceeded $100 per barrel and closed at their highest level since late May amid the escalation of the conflict in the Middle East. Oil prices rose after new attacks by Iran and the United States heightened fears of disruptions to energy supplies.