Crude oil prices hit five-month highs; Brent crude tops $115 per barrel amid escalating tensions in the Middle East

Crude oil prices continued to soar on Friday, as escalations in the Middle East region weighed on sentiment. Brent crude oil futures topped $115 per barrel, while WTI crude oil futures held above the $100 per barrel mark. Oil traders continue to navigate a volatile situation in the Middle East after Houthi rebels attacked Saudi’s energy infrastructure this week

After Houthi rebels attacked Saudi Aramco’s Shaybah oil field, killing one employee, the company continues to remain watchful of risks. Media reports claimed that the company has ordered the evacuation of personnel from its headquarters in Dahran, which is in the Persian Gulf. Saudi officials believe the Houthis have some long-distance capabilities compared to what was used previously. Besides this, President Trump’s refusal to engage in negotiations with Iran further weighed on the sentiments on Friday.

Meanwhile, analysts expect renewed escalations between the US and Iran could further fire up prices. Brent crude oil futures have nearly touched the $120 per barrel mark in March, for the first time since the war broke out.

How have crude oil prices fared this week?

Crude oil prices are headed for a fourth consecutive week of gains this week. Brent crude oil prices made the intra-week low of $105 per barrel and currently trade 4.5% higher this week at $115 per barrel. Similarly, WTI crude oil prices gained 2.2% this week, after surging 8% in the previous week.

MCX futures

The MCX contract for crude oil traded 1.5% higher at ₹9,637 per barrel on Friday amid a volatile situation in the Middle East. The MCX crude oil futures have surged 0.6% this week after global crude oil prices headed for five-month-high levels.