Brent crude oil rises above $108 as regional tensions escalate

DUBAI: Global oil prices rose on Friday as escalating tensions in the Middle East raised concerns about disruptions to crude supplies and shipping routes.

Brent crude futures rose $1.05, or about 1%, to $108.68 a barrel. U.S. West Texas Intermediate crude also gained 95 cents, or about 1%, to $103.45 a barrel.

According to Reuters, both major benchmarks were heading for their first weekly close above $100 a barrel since mid-May.

The increase came amid growing concerns that attacks on shipping routes could disrupt maritime activity in the region and lead to prolonged interruptions in oil supplies.

Both benchmarks had gained more than 6% on Thursday as tensions in the region intensified.