Brent crude hits more than five-month high on concern over Middle East escalation

Brent crude oil surged to its highest level in more than five months Friday, climbing above $114 per barrel intraday as concerns mounted over Middle East escalation and potential disruptions to energy supplies. US West Texas Intermediate crude also rose, gaining 1.1% to $100.57 per barrel. Houthi attacks in the region and tight liquefied natural gas supplies drove the price increases, with European natural gas also reaching its highest level since December 2022.