Brent Hits Highest Level Since 2022 as War Risks Escalate
Brent crude rose above $115 a barrel on Friday, reaching its highest level since June 2022 and surpassing the peak recorded at the start of the war, as expectations grew that the US could resume strikes against Iran in the coming weeks. Prices have gained around 5% this week, marking a third consecutive weekly advance. Iran’s army chief said the country’s military was prepared for asymmetric warfare after strengthening its capabilities. Meanwhile, President Donald Trump said Washington was not negotiating with Tehran and suggested that developments could occur soon. US and Israeli officials have reportedly drawn up plans for renewed strikes after the US midterm elections. Regional tensions have also intensified as Iran-aligned Houthi militants continue attacks on Saudi Arabia. The US State Department ordered non-essential personnel to leave the country. Saudi Aramco has also reportedly instructed staff to evacuate its Dhahran headquarters and work remotely.
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Brent crude rose above $115 a barrel on Friday, reaching its highest level since June 2022 and surpassing the peak recorded at the start of the war, as expectations grew that the US could resume strikes against Iran in the coming weeks. Prices have gained around 5% this week, marking a third consecutive weekly advance. Iran’s army chief said the country’s military was prepared for asymmetric warfare after strengthening its capabilities. Meanwhile, President Donald Trump said Washington was not negotiating with Tehran and suggested that developments could occur soon.
US and Israeli officials have reportedly drawn up plans for renewed strikes after the US midterm elections. Regional tensions have also intensified as Iran-aligned Houthi militants continue attacks on Saudi Arabia. The US State Department ordered non-essential personnel to leave the country. Saudi Aramco has also reportedly instructed staff to evacuate its Dhahran headquarters and work remotely.