Global oil prices reach highest level since April on Middle East fears

Oil prices surged on Friday, with Brent crude reaching 117 dollars a barrel. The Guardian, The New York Times, and the Financial Times all reported that the international benchmark hit its highest level since April. The surge was driven by growing fears that the Middle East conflict could escalate further and disrupt energy supplies. [1][5][7][8]

The Guardian reported that Tehran warned it would launch retaliatory attacks against Gulf oil facilities, undersea cables, data centres, and artificial intelligence infrastructure if the United States and Israel start a new offensive against Iran. The National added that Houthis launched another wave of attacks on Saudi Arabia, while FinanceFeeds reported that Iran claimed seven tankers were hit. [1][9][10]

Financial markets reacted sharply to the geopolitical tensions alongside tech sector worries. The New York Post reported that the Dow Jones Industrial Average dropped 702 points, or 1.3 percent, by mid-morning on Friday. The New York Post and FTMQ News noted that technology stocks also took a heavy loss on Thursday, when the Nasdaq index suffered its worst single day since June. [2][3][14]

The 2026 war in Iran, which included the closure of the Strait of Hormuz, caused what the International Energy Agency characterized as the largest supply disruption in the history of the global oil market. The conflict has triggered sharp supply shortages, currency volatility, and inflation across the globe. [11]