Global oil prices continued their sharp rally on Friday as Crude Oil climbed above $104 per barrel after posting a strong 3.11% daily gain. The latest move pushed yearly gains to a massive 81.49%, showing how energy markets remain under heavy pressure from strong demand and supply concerns.
Crude Oil prices also recorded a 9.21% weekly rise and a 10.05% monthly increase, highlighting sustained bullish momentum across the commodity market.
Crude Oil price rises above $104 amid strong weekly gains
Crude Oil traded at $104.31 per barrel during the latest session. The commodity gained $3.14 in a single day, marking one of the strongest daily moves seen this week.
The market has now climbed 81.49% since the beginning of the year. On a yearly basis, prices are also up 68.16%, reflecting how sharply oil markets have rebounded over the past 12 months.
Weekly gains currently stand at 9.21%, while monthly growth has crossed 10%. The consistent rise in oil prices continues to raise concerns around transportation costs, manufacturing expenses, and global inflation pressures.
Energy market rally keeps investors focused on supply concerns
The latest oil surge comes as traders continue monitoring global supply conditions and geopolitical tensions. Higher demand expectations and tighter inventories have kept energy prices elevated across international markets.
The move above $104 per barrel is also being closely watched by investors because it places crude prices near key resistance levels seen during previous energy rallies.
Analysts believe volatility may remain high in the coming sessions as markets react to economic data, production updates, and geopolitical developments affecting the global oil supply chain.