Oil tops $116, highest level in nearly six months

Oil prices rose to their highest levels since late April on Friday, with benchmark crude contract Brent North Sea climbing above $116 a barrel as the Middle East conflict raged on.

Global markets were contending "with concerns around surging oil prices and the sustainability of AI spending," noted AJ Bell's head of financial analysis Danni Hewson.

"Escalating tensions in Ukraine and the prospect of increased energy demand as the northern hemisphere heads into the winter months are only adding to the upwards pressure on oil and gas prices," Hewson added.

The benchmark international oil contract, Brent crude for December, rose more than 3% to $116.72 per barrel.

The benchmark US contract, West Texas Intermediate, jumped 3.8% to $103.27 a barrel.