AAA reports U.S. regular gasoline averaging $4.29 a gallon
Brent crude, the international benchmark, rose 2.9% to $116.46 per barrel Friday after reaching $117.45 earlier in the day, CNBC reported. The intraday price was the benchmark’s highest in six months and its highest since April 30. West Texas Intermediate, the U.S. benchmark, rose 3.7% to $103.12 per barrel.
Brent futures were on track to gain 6% for the week, marking a third consecutive week of increases. The gains came as fears of renewed U.S. strikes against Iran and attacks in the Middle East raised concerns about global oil supplies.
The war in Iran was nearing its eighth month, and UPI reported that attacks on oil tankers and shipping routes were disrupting the global fuel supply.
The attacks added to concerns about oil shipments through the Strait of Hormuz, a major shipping route connecting the Persian Gulf to international markets.
At least 18 ships were hit in the Strait of Hormuz over a two-week period, including two oil tankers. Iran’s military said the two tankers struck mines on Tuesday.
Iran’s army chief said the country’s military was ready for “asymmetric warfare,” Iranian state media reported.
UPI reported that Iran-backed Houthi militants have also carried out attacks on Saudi Arabia. Those attacks were among the regional incidents raising concern about oil shipments through the Strait of Hormuz.
Higher oil prices have kept U.S. gasoline prices elevated. AAA said the national average for regular gasoline stood at about $4.29 per gallon Friday.