UPDATE - Brent crude hits highest since June 2022 on fears of renewed US strikes on Iran
- Oil benchmark climbs 4% to $117.3 a barrel as escalating regional tensions fuel supply concerns
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- Oil benchmark climbs 4% to $117.3 a barrel as escalating regional tensions fuel supply concerns
UDPATING WITH CURRENT FIGURES, REVISING LEAD, ADDING EU GAS PRICES
By Mucahithan Avcioglu and Gokhan Ergocun
ISTANBUL (AA) - Oil prices extended increases on Friday as fears of renewed US strikes on Iran and escalating regional tensions heightened supply concerns, pushing Brent crude to its highest level since June 2022.
International benchmark Brent climbed around 4% to $117.3 per barrel as of 1545GMT, surpassing the peak recorded at the start of the war.
US benchmark West Texas Intermediate (WTI) advanced 3.6% to $103 per barrel, its highest level in five weeks.
Brent has gained around 6.8% this week, while WTI has risen about 4.2%, putting both benchmarks on course for a third consecutive weekly advance.
European gas prices gained 3.07% to €92.8 ($104) per megawatt/hour day-on-day.
The rally came as expectations grew that Washington could resume strikes against Iran in the coming weeks.
President Donald Trump said on Thursday that the US may carry out further strikes on Iran. “This should have been done a long time ago by other presidents, the Iran war, and we’ve knocked the hell out of them, and we may do it a little bit further,” he said.
US and Israeli officials are said to have drawn up plans for renewed strikes after the US midterm elections.
Regional tensions have also intensified as Yemen's Houthis continue attacks on Saudi Arabia, raising concerns about risks to energy infrastructure.
The US State Department ordered non-essential personnel to leave Saudi Arabia.
The US-Israel war on Iran began in late February, and has yet to be settled despite a ceasefire and a memorandum for a final peace deal, primarily due to differences over navigation in the Strait of Hormuz.
Gökhan Ergöçün,Mücahithan Avcıoğlu