Oil futures ended higher last Friday, propelling Brent crude to a peak of $91 per barrel, fueled by mounting tensions in the Middle East and Eastern Europe, which threaten supply lines.The upbeat demand forecast in the United States, underscored by a report revealing job growth exceeding expectations, also supported oil prices.WTI crude for May ascended by 0.37% ($0.32) to $86.91 per barrel on the New York Mercantile Exchange.Meanwhile, Brent for June delivery increased by 0.57% ($0.52) to $91.17 per barrel on the Intercontinental Exchange.Throughout the week, WTI experienced a 4.50% rise, while Brent surged by 4.80%, reaching heights unseen since the previous October.Oil Prices Surge as Brent Reaches $91 Amid Tensions.
(Photo Internet reproduction)Irans vow of retaliation against Israel, post-Syrian embassy attack, intensifies prospects for broader regional conflict.This speculation pushed Brent over $90 for the first time since last October.It was especially notable after Israeli forces disrupted navigation signals over Tel Aviv, hinting at preparations for a possible counterattack.Half a year into the conflict, cease-fire efforts in Gaza have been stagnant, with ongoing calls for peace yet to materialize.Until now, global oil supply concerns were relatively contained, but a conflict escalation could significantly disturb the market.Assaults on energy infrastructure in Ukraine and Russia heighten concerns over global production and exports, exacerbating existing tensions.Drone attacks on Russian refineries disable 14%, requiring extensive repairs and impacting refining capacity.