WTI crude tops $102 as Middle East conflict drives oil prices higher

CALGARY — Oil prices climbed above US$100 per barrel Friday as tensions remained high in the Middle East and renewed attacks on Saudi Arabia raised fears of further disruptions to global energy supplies.West Texas Intermediate (WTI) — the US oil benchmark — rose to US$102.1 per barrel during Friday’s trading, while Brent crude hit US$116.The rise comes as markets react to attacks by Yemen-based Houthi militants and concerns over further escalation between the United States and Iran ahead of the upcoming US midterm elections in November.The latest developments in the Middle East threaten to increase hostilities around the Strait of Hormuz — one of the world’s most important maritime oil shipping routes — where crude exports have partially recovered after months of disruptions.According to data from Kpler, oil shipments through the strait remain roughly 26% below prewar levels, with the seven-day average sitting at 12.65 million barrels per day (bpd).Bloomberg reports that the conflict has driven Brent prices more than 85% higher since the beginning of 2026, with refined petroleum products, particularly diesel, experiencing massive increases..Saudi Aramco headquarters struck as Houthis intensify attacks on oil infrastructure.On Thursday, US President Donald Trump told reporters that American forces had “knocked out” Iran and warned that Washington could go “a little further” without providing specific details.Meanwhile, US Ambassador to the United Nations Mike Waltz told the Financial Times that Washington is preparing for a prolonged confrontation with Tehran and could remain in a military stalemate a year from now.Waltz added that the US Navy could maintain its blockade of Iranian ports for the foreseeable future.The Houthis have also repeatedly targeted Saudi Arabia in recent months, adding to concerns over the security of Saudi oil infrastructure.On Thursday, Saudi state-owned oil company Aramco evacuated its headquarters in Dhahran and instructed employees to work from home following an alarm.Aramco’s headquarters complex was also struck by Houthi missiles earlier this month in an attack that damaged the top three floors of a tower used by senior executives, including the office of the company's CEO, Amin Nasser.

WTI crude tops $102 as Middle East conflict drives oil prices higher

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