Crude oil prices gained on Friday, and were headed for a third weekly gain, as concerns over supply from the Middle East intensified after attacks on Saudi Arabia.
Brent crude futures rose 0.36% to $113.58 a barrel, while US West Texas Intermediate crude was at $99.80 a barrel, up 0.33%. The global benchmark was up about 3% this week.
Geopolitical tensions escalated after Iran-backed Houthi militants attacked the Saudi Red Sea port of Yanbu, as well as struck an oil field and airport in the kingdom.
Crude oil prices also gained after a report said that the US and Israel were planning renewed attacks on Iran as part of the regional war that started in late February.
Brent oil has risen more than 85% this year because of the US-Iran war, now approaching its ninth month.
The New York Times reported this week that the US and Israel have developed plans for renewed strikes against the Islamic Republic after the American midterm elections early next month.
Meanwhile, US President Donald Trump told reporters that the US has “knocked” out Iran and threatened to go “a little bit further,” without elaborating.
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