Brent crude tops $116, highest since 2022, on Iran strike fears

Brent crude rose 2.7% to $116.20 a barrel on Friday, its highest level since June 2022, as expectations grew that the United States could resume strikes on Iran. U.S. benchmark WTI climbed to a five-week high of $102.50.

Oil prices jumped on Friday, with international benchmark Brent crude rising 2.7%, or $3.06, to $116.20 a barrel as of 13:50 GMT, its highest level since June 2022 and above the peak reached at the start of the Iran war.

U.S. benchmark West Texas Intermediate gained 3.04%, or $3.02, to $102.50 a barrel, its highest in five weeks. Brent was up about 5% for the week and WTI about 3%, putting both on track for a third straight weekly gain.

Oil pumpjacks at sunset

The rally gathered pace on growing expectations that Washington could resume strikes on Iran in the coming weeks. President Donald Trump said on Thursday that the United States could carry out new strikes, and reports said U.S. and Israeli officials were preparing plans for renewed attacks after the midterm elections.

Continued Houthi attacks on Saudi Arabia added to worries about risks to energy infrastructure, and the State Department has ordered non-emergency personnel to leave Saudi Arabia. Talks on a final peace deal with Iran remain unresolved, notably over navigation in the Strait of Hormuz.