TEHRAN- The price of Brent crude oil futures during overnight trading jumped nearly 6% to $109.97 per barrel, the highest level in the past four months.

AFP reported on Friday that following the exchange of attacks between the United States and Iran around the Strait of Hormuz, crude oil prices have surged more than 30% over the past week.

At the same time, Yemeni armed forces, in their advance toward the key Bab al-Mandeb waterway, have targeted several Saudi energy facilities in response to Riyadh’s blockade and attacks.

Yemen’s army took control of the strategic port of Mokha on the Red Sea coast on Thursday.

According to AFP, on Friday, Brent oil price approached $110 per barrel, the highest figure since May. Also, the price of the US benchmark oil (West Texas Intermediate) reached more than $104, which was last seen at the same time (May).

Given that the war shows no sign of ending, investors are preparing themselves for another wave of inflation. This situation will put central banks under pressure to further tighten monetary policies.

MA