Brent oil prices exceed $114, up 5.7%

ISTANBUL

Brent crude oil futures posted major increases on Friday, climbing above the $114 threshold.

Brent futures rose 5.7% to $114.2 as of 7.37 pm (1937GMT) while West Texas Intermediate (WTI) futures increased 6.18% to exceed $100.

The market remains volatile due to ongoing conflict in Iran, which began Feb. 28. Recent US and Israeli strikes on Iranian targets and retaliatory Iranian attacks on energy infrastructure in the Gulf region continue to disrupt global commodity markets.

Since the end of February, Brent crude futures increased around 45% while WTI recorded a 40% gain.