Global oil prices saw a significant uptick on Friday, marking the highest valuation for the commodity since May. International benchmark Brent Crude reached $116 per barrel, while the U.S. benchmark, West Texas Intermediate (WTI), traded at approximately $102 per barrel.

Market analysts attribute this upward pressure to the ongoing conflict in Iran, which has now persisted for eight months. The sustained nature of the hostilities continues to create uncertainty in global energy markets, contributing to the volatility in pricing. While the report from The Hill highlights the specific price points and the duration of the conflict, it does not provide additional context regarding potential supply chain disruptions or specific geopolitical triggers that may have caused this particular spike at the end of the week.

As of the latest reporting, the market remains sensitive to news regarding the conflict. The current price levels represent a notable shift in the energy sector, impacting both international and domestic benchmarks. Further developments in the region are expected to continue influencing these figures in the coming weeks.