Singapore, October 18: Brent touched $110 a barrel for the first time since May on Friday on worries that escalating tensions in the Middle East could further tighten supplies, while investors assessed how much diesel Russia could supply to the global market.
Brent crude futures settled at $109.86 a barrel, and U.S. WTI crude finished at $101.41 a barrel. For the week, Brent rose 4.9% and WTI was up 10.4%.
A Saudi-led coalition said it intercepted and destroyed a ballistic missile launched towards the Red Sea city of Yanbu. The port is critical for Saudi Arabia's efforts to bypass the Strait of Hormuz and keep oil flowing to international markets.
Russia's Ryazan oil refinery has suspended operations at a primary crude distillation unit following a drone attack on Thursday, raising concerns overhow much diesel fuel Russia can deliver to the markets.
Asian spot LNG prices at highest level in nearly 4 years
Asian spot liquefied natural gas (LNG) prices rose to their highest level in nearly four years as attacks on vessels near the Strait of Hormuz and escalating competition between Europe and Asia for cargoes kept the global gas market on edge ahead of winter.
The average LNG price for December delivery into northeast Asia was $29.30 per million British thermal units, up from $26.50 per mmBtu the week before.
Despite an increase in transits via the Strait of Hormuz, as well as loadings at Qatar's Ras Laffan facility, continued attacks on tankers and uncertainty over safe passage are keeping prices supported.
In Europe, the Dutch TTF gas price settled at $28.86 per mmBtu, posting a weekly gain of 8.5%. Despite warmer weather and recovery in Gulf LNG flows to 30% of pre-conflict levels, Europe will still enter winter with storage at a record low of 74%.
Source: Qatar Tribune
