Benghazi – Global oil markets closed their weekly trading with a strong surge. Prices reached levels not seen since mid-2022. This was driven by escalating Middle East tensions. Concerns about supply disruptions also increased.

Crude oil prices saw a notable rise. Brent crude surpassed $112 per barrel. It achieved significant weekly gains. West Texas Intermediate crude stabilized near $98. It showed mixed performance throughout the week.

These gains come amid escalating regional conflict. Attacks on vital energy facilities have widened. Iraq also declared force majeure in several oil fields. This has heightened concerns about global supply stability.

Increased military movements fueled investor uncertainty. Prospects for quick solutions diminished. This reflected market expectations of a prolonged supply shortage.

The Strait of Hormuz is now a focal point. Attention is on the Strait of Hormuz. It is a key transit point for about 20% of global energy supplies. Navigation disruptions there raise the likelihood of prolonged market pressures.

Fears intensified as energy facilities in the region continued to be targeted. This increased the risk premium in prices. Expectations also point to a slow return of supplies to normal.

Markets are monitoring potential US actions. These include releasing quantities from strategic reserves. Such moves would aim to contain price increases and ease market pressures.

Estimates indicate continued support for oil prices in the coming period. Geopolitical tensions persist. Supply risks remain high.