Global oil prices climbed sharply on Friday as escalating conflicts and concerns about disrupted energy supplies boosted crude markets. Brent crude rose 3.7% to above $109 a barrel, recording a second consecutive weekly gain and reaching its highest level since mid-September.
US West Texas Intermediate crude futures gained 2.8% to $100.67, crossing $100 for the first time since September 21. New York diesel settled at $4.90 a gallon as tighter supplies added to market pressures.
Military tensions in the Middle East and the Russia-Ukraine war have intensified concerns about disruptions to oil production, infrastructure and refined fuel supplies.
Eurasia Group analysts raised the likelihood of further conflict escalation to 65% from 35%, adding to uncertainty as traders assessed risks ahead of the weekend.
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Oil touches US$110 a barrel for first time since May on Middle East, Russia supply fears https://t.co/JpF8u4EFqZ
— The Business Times (@BusinessTimes) October 17, 2026
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