New York:Oil prices surged on Friday, with Brent crude hitting its highest point since June 2022, amidst growing fears of renewed US military action against Iran and escalating tensions in the region, which have heightened concerns about supply disruptions.

According to Anadolu Agency – English, Brent crude, the international benchmark, rose approximately 4% to $117.3 per barrel as of 1545GMT, surpassing the levels reached at the onset of the war. Meanwhile, the US benchmark, West Texas Intermediate (WTI), increased by 3.6% to $103 per barrel, marking its highest level in five weeks.

Brent crude has seen a weekly gain of around 6.8%, with WTI rising about 4.2%, setting both benchmarks on track for a third consecutive weekly increase. Additionally, European gas prices escalated by 3.07% to £92.8 ($104) per megawatt/hour day-on-day. The price rally has been fueled by growing expectations that Washington might resume strikes against Iran in the upcoming weeks.

US President Donald Trump indicated on Thursday that further military action against Iran might be on the horizon, stating, "This should have been done a long time ago by other presidents, the Iran war, and we've knocked the hell out of them, and we may do it a little bit further." It is reported that US and Israeli officials have devised plans for renewed strikes following the US midterm elections.

Regional tensions have further intensified due to continued attacks by Yemen's Houthis on Saudi Arabia, raising concerns about potential risks to energy infrastructure. Consequently, the US State Department has ordered non-essential personnel to leave Saudi Arabia. The US-Israel conflict with Iran, which began in late February, remains unresolved despite a ceasefire and a memorandum for a final peace deal, largely due to disagreements over navigation in the Strait of Hormuz.