WTI and Brent crude prices remained above $100 per barrel on Friday. Both benchmarks are on track for their strongest weekly gains since July. WTI traded near $103.45 and Brent hovered around $108.68. Prices surged more than 6% during Thursday's session alone.
Iran-aligned Houthi forces seized control of Yemen’s port of Mocha. This strategic location sits near a critical Red Sea shipping lane. Increased attacks on oil tankers have intensified concerns over prolonged supply disruptions.
U.S. diesel prices reached a record high above $6 a gallon. The International Energy Agency forecasts a decline in global oil demand by 2026 due to the conflict. Traders continue to price in a significant risk premium for physical supply threats.