Ansarollah Website – Reports
Oil prices surged today, Friday, as Brent crude futures surpassed $109 per barrel for the first time since May 21, according to trading data.
U.S. West Texas Intermediate (WTI) crude also gained 1%, reaching $103.45 per barrel, following a surge of over 6% for both benchmarks on Thursday.
Crude prices are on track to end the week above $100 per barrel for the first time since mid-September, posting a weekly gain of approximately 13%—their largest weekly rise since last July—driven by mounting fears of prolonged supply disruptions.
Analysts told Reuters that Yemeni strikes targeting Saudi energy facilities represent an escalation extending beyond Iran and the Strait of Hormuz, sparking fears of broader regional supply disruptions.
Concurrently, maritime traffic through the Strait of Hormuz has slowed significantly following intensified attacks on oil tankers in recent days. Iran announced it had targeted 10 vessels near the strait in retaliation for U.S. strikes on five Iranian oil tankers, while the Islamic Revolutionary Guard Corps (IRGC) pledged to escalate its response to any further attacks.
On the political front, U.S. President Donald Trump warned of potential strikes on "al-Fas Mount" site near Iran's Natanz uranium enrichment facility, stating that the war would end following the midterm elections in November.
Meanwhile, IG analyst Tony Sycamore projected that WTI crude could retest its peak of $119.48 per barrel, given Iran's apparent readiness to sustain and expand the conflict.
In domestic retail markets, fuel-tracking service GasBuddy reported that the average U.S. diesel price surpassed $6 per gallon for the first time on record amid tightening supplies, exacerbated by U.S.-Israeli aggression against Iran and Ukrainian strikes on Russian oil refineries.
Additionally, OPEC lowered its forecast for 2026 global oil demand growth to 380,000 barrels per day, marking its fifth consecutive downward revision, according to its monthly report. A Reuters survey also indicated that OPEC crude production fell by 640,000 barrels per day in August.
