Escalating attacks on key Middle East shipping routes continue to fuel concerns over global oil supplies.
Oil prices declined on Friday, but both benchmarks are on track to end the week above $100 per barrel for the first time since mid-May, as escalating attacks on key shipping routes in the Middle East fuel concerns over prolonged supply disruptions. 
On a weekly basis, both benchmarks are trading nearly 13% higher, their biggest gain since the week ended July 17, according to Reuters.
Oil supply disruptions stemming from the US-Iran war, coupled with Ukrainian attacks on Russian refineries, pushed the average US diesel price above $6 per gallon for the first time ever on Thursday, according to data from price-tracking website GasBuddy.
Markets are awaiting US oil and gas rig count data from Baker Hughes later today for further clues on the US supply outlook.
Change in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (November delivery)
107.48
(0.15)
(0.15%)
Nymex (October delivery)
102.21
(0.27)
(0.25%)
Escalating attacks on key Middle East shipping routes continue to fuel concerns over global oil supplies.
Oil prices declined on Friday, but both benchmarks are on track to end the week above $100 per barrel for the first time since mid-May, as escalating attacks on key shipping routes in the Middle East fuel concerns over prolonged supply disruptions.
On a weekly basis, both benchmarks are trading nearly 13% higher, their biggest gain since the week ended July 17, according to Reuters.
Oil supply disruptions stemming from the US-Iran war, coupled with Ukrainian attacks on Russian refineries, pushed the average US diesel price above $6 per gallon for the first time ever on Thursday, according to data from price-tracking website GasBuddy.
Markets are awaiting US oil and gas rig count data from Baker Hughes later today for further clues on the US supply outlook.
Change in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (November delivery)
107.48
(0.15)
(0.15%)
Nymex (October delivery)
102.21
(0.27)
(0.25%)
