Global oil prices surged on Friday, reaching their highest settlement since April as renewed Houthi attacks in Saudi Arabia and an oil spill off the United Arab Emirates raised concerns about energy supplies.
Brent crude rose by $3.55, or 3.14 percent, to settle at $116.72 per barrel. US West Texas Intermediate crude climbed $3.80, or 3.8 percent, closing at $103.27 per barrel.
The attacks on Saudi energy infrastructure have increased fears of further disruptions to oil production and transportation in the Middle East. Meanwhile, UAE authorities reported an oil spill off the coast of Umm Al Quwain, although its cause remains unclear.
The price surge could add to inflationary pressure worldwide and increase fuel costs if higher prices persist.
Investors are closely monitoring regional security developments and oil shipments to assess the impact on global energy markets.
