Global Crude Oil Prices Surge on Middle East Supply Risks

Key summary

World crude oil prices rose sharply on Friday as West Texas Intermediate (WTI) futures climbed more than $3 per barrel to a near six-month high of $103.27, while Brent crude closed at $116.72, its highest level since April 29. The rally was driven by concerns over potential supply disruptions in the Middle East following Houthi attacks on Saudi Arabia and reported oil spills off the coast of the UAE. US President Donald Trump stated the US could end the war with Iran quickly or let it resolve slowly, adding to regional uncertainty. In response to supply constraints affecting Phillips 66's Lake Charles refinery, the US Department of Energy approved releasing up to 400,000 barrels from the Strategic Petroleum Reserve (SPR), which is currently at its lowest level since 1985. Germany's EBV agency also announced an auction for diesel, heating oil, and crude from its strategic reserves, marking its first release after a G7 agreement in early October to ease energy costs ahead of the US midterm elections on November 3.