US-Israel-Iran War Latest Live News: Brent Crude Climbs to $109.86, WTI Hits $101.41 as Strait of Hormuz Crisis Deepens; Can Emergency Oil Releases Prevent a Supply Shock?

Global crude oil prices rose sharply as renewed escalation fears in the Middle East heightened concerns over supply disruptions. Brent crude futures settled at $109.86 per barrel, gaining 3.7%, while US West Texas Intermediate (WTI) crude closed at $101.41, up 3.5%.

Brent reached its highest level since May 19, while WTI touched its strongest level since September 17. During the week, Brent gained 4.9%, compared with a 10.4% rise in WTI.

Why Are Crude Oil Prices Rising?

Fresh concerns about potential attacks on energy infrastructure and military escalation in the Gulf supported prices after both benchmarks had earlier recorded losses. Energy consultancy Energy Aspects said reports of possible attacks on Saudi energy infrastructure had renewed market concerns. Unverified reports of unusual military movements and the possibility of an Israeli-Iranian escalation also contributed to uncertainty.

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A Saudi-led coalition reported intercepting a ballistic missile headed towards Yanbu, a Red Sea port important to Saudi Arabia’s efforts to maintain oil exports while bypassing the Strait of Hormuz. Initial assessments indicated no damage to the port’s infrastructure.