Crude oil prices experienced a significant surge of over 4 per cent on Friday, largely attributed to escalating tensions in the Middle East, particularly between Iran and Israel.
Brent oil, a global benchmark for oil prices, rose to $90.54 per barrel, marking a 3.94 per cent increase. US West Texas Intermediate (WTI) crude futures also witnessed an uptick of 4.06%, reaching $86.09 per barrel.
The Middle East is a pivotal global crude oil producer, accounting for over 30 per cent of worldwide production.
Saudi Arabia, the world’s second-largest oil producer and the largest in the region, contributes over 12 per cent of global crude output.
Iran also holds a significant role in regional production with a global share of 3.3 per cent, making any conflict in this area potentially impactful on crude oil prices.
