Play store
Global crude oil prices rose again on Friday as continued exchanges of attacks between the United States and Iran heightened fears of supply disruptions, reversing the previous session’s decline.
International benchmark Brent crude gained more than 1 percent to trade above $85 a barrel, while US West Texas Intermediate (WTI) crude also advanced to nearly $80 a barrel.
Overall, both Brent and WTI have surged about 12 percent this week. Brent is on track for its third consecutive weekly gain, while WTI is heading for its second straight week of increases.
Market analysts said the renewed geopolitical tensions in the Middle East have fuelled concerns over potential disruptions to global oil supplies, driving prices higher.
The sharp rise in oil prices also weighed on global equity markets. Major Asian stock markets opened lower on Friday, with Japan’s benchmark Nikkei 225 falling more than 3 percent in early trading.
Analysts warned that if tensions between the US and Iran continue to escalate, oil prices could climb further, increasing the risk of renewed pressure on the global economy.
