Brent crude prices continued their strong upward move on Friday as the global oil benchmark climbed above $108 per barrel. The latest rally came after a 2.44% daily gain, adding to strong weekly and monthly momentum in the energy market.
The sharp rise in Brent prices reflects ongoing pressure in global oil markets as investors continue tracking supply risks, geopolitical tensions, and strong energy demand.
Brent crude price rises above $108 with strong weekly gains
Brent crude traded at $108.29 per barrel during the latest session. Prices gained $2.57 in a single day, marking another strong move for the benchmark.
Weekly gains stood at 6.73%, while monthly growth reached 8.77%. The steady rise over recent weeks has pushed Brent prices significantly higher across all major time frames.
The benchmark has now surged 77.66% since the start of the year. On a yearly basis, Brent crude is also up 65.27%, highlighting continued strength in the global oil market.
Oil market rally keeps energy sector under focus
The latest Brent rally comes as traders remain focused on supply concerns and tightening inventories across key energy markets. Rising crude prices continue to impact fuel costs, transport expenses, and inflation expectations globally.
Crossing the $108 level is seen as an important milestone for Brent crude because it places prices near previous highs recorded during earlier energy market rallies.
Analysts believe oil price volatility could remain elevated in the coming weeks as markets react to production updates, geopolitical developments, and economic data from major economies.