Oil prices surged about 8% to $109 per barrel early Friday, according to The Zioneer, extending a volatile rally amid ongoing geopolitical tensions. The increase follows yesterday's jump to $108.
Oil prices surged approximately 8% to $109 per barrel early Friday, according to The Zioneer, extending a volatile rally that has seen the benchmark rise sharply in recent days. The increase follows a jump to $108 per barrel on Thursday evening at 21:01 Jerusalem, as previously reported by The Zioneer, marking the latest milestone in a rapid upward movement.
The rally began on Tuesday, September 8, when Brent crude crossed $100 per barrel for the first time since July, with other benchmarks such as Murban nearing $120 and WTI topping $95, as reported by The Zioneer. Over the course of that day, prices rose further to $102 (ynet), $103 (market data), and approached $105 (The Zioneer), driven by Houthi attacks on Saudi energy facilities and broader Middle East tensions. After briefly retreating toward $100, prices crossed $105 again amid developments in the Bab el-Mandeb Strait and the Strait of Hormuz (i24NEWS). By evening, oil had reached $108. After some fluctuations, the benchmark reached $108 again on Thursday evening, as confirmed by The Zioneer, and has now moved to $109 early Friday.
The volatility is set against a backdrop of ongoing geopolitical turmoil. As The Zioneer reported on July 10, maritime traffic through the Strait of Hormuz had nearly halted, driving prices to $85. Prices later fell to below $70 in late June amid ceasefire expectations, but have since reversed sharply. The current rally reflects traders pricing in continued risk premiums.
The specific baseline for the 8% increase and the source of the figure have not been further specified. The underlying catalysts for the latest jump beyond general tensions remain unconfirmed.
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