Oil Prices Jump to Five-Month High Amid Middle East Tensions

Global oil prices remained near a five-month high on Friday as continued Houthi attacks on Saudi Arabia and concerns over disruptions to global energy supplies supported prices.

According to Reuters, Brent crude futures fell 0.2% to $112.96 per barrel at the start of Asian trading. US West Texas Intermediate (WTI) crude also declined 0.3% to $98.12 per barrel.

Despite the slight decline, oil prices remained at elevated levels. Brent crude rose 4% on Thursday, reaching its highest closing level since early May.

On a weekly basis, Brent crude was heading for its third consecutive weekly gain. Meanwhile, WTI crude was likely to record its first weekly decline in three weeks.

Market experts are closely watching whether rising regional tensions following Houthi attacks on Saudi Arabia could disrupt global energy supplies.

Concerns over possible interruptions to oil shipments remain a key factor behind fluctuations in international oil prices.