Oil prices surged by approximately 4 percent, reaching their highest levels in five months due to escalating tensions in the Middle East, alongside field developments affecting Libyan oil production. On Friday, Brent crude futures fell by 21 cents, or 0.2
percent, to $112.96 per barrel, while U.S. West Texas Intermediate crude dropped by 27 cents, or 0.3 percent, to $98.12. Despite the slight decline, prices remained near elevated levels reflecting growing concerns about the security of energy flows in the
region. Brent crude settled on Thursday at its highest point since May 4, heading for a third consecutive weekly gain. Meanwhile, West Texas Intermediate crude is set to end a two-week winning streak as markets continue to assess the impact
of security developments on oil production and global supply movements.
