Brent hovers above $100/bbl, set for weekly rise on Middle East escalation
XLE•Oil prices hold near two-month highs
Brent oil prices hovered above $100 per barrel on Friday while heading for their fourth week of gains, driven by concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war on Iran.
Brent futures LCOc1 advanced 37 cents, or 0.37%, to $101.06 a barrel at 0330 GMT, having settled up 7% above $100 in the previous session for the first time since May, after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.
The contract remained on course for a 14.6% advance this week.
West Texas Intermediate (WTI) futures CLc1 were little changed at $91.20 a barrel, their highest level since June 11 and on track for an 11.8% weekly rise.
