Oil Prices Surge to 6-Month High, Brent Tops $116 Per Barrel

New Delhi, October 23: Oil prices surged to their highest point in six months on Friday, with Brent crude breaking past $116 per barrel amid escalating geopolitical risks in the Middle East.

Brent crude futures rose 2.60 percent, touching $116.13 per barrel, the loftiest level since April 30. WTI crude was up about 2.90 percent at $102.56 per barrel.

Brent has risen almost 6 percent this week, extending its climb for three consecutive weeks. WTI has posted a 3.5 percent weekly gain.

The key factor pushing prices higher is the possibility of a fresh war between the United States and Iran. Trump has said Washington is not engaged in any talks with Tehran at present and hinted that 'something big' is coming.

Separately, a media report said Washington and Tel Aviv have intensified military exercises ahead of a 'small but intense campaign.' These exercises include flights over Iraq, which borders Iran to the west, to practise attack tactics.

The possible targets outlined in the report include Iran's energy centres, nuclear facilities, and missile and drone stockpiles.

Iran's army chief has said the military is fully ready for 'war' after strengthening its capabilities.

Market participants are also watching the ongoing Houthi attacks on Saudi Arabia, which have made the outlook for oil supply uncertain and continue to support prices.