Oil prices surge above $100 due to Middle East conflict, then retreat slightly but remain elevated

Oil prices surged, with Brent crude settling above the key US$100 per barrel level, driven by the escalation of the US-Iran conflict and renewed attacks on Saudi shipping in the Red Sea. While crude oil slipped towards $90 per barrel on Friday, it remained up more than 10% for the week, as traders continue to assess mounting geopolitical risks to global energy supplies. The elevated oil prices are stoking worries for inflationary pressures and a tighter monetary policy by central banks.