Oil set to close the week above $100 a barrel for the first time since May as supply risks mount

Agencies: Oil prices rose today (Friday), heading to close the week above $100 per barrel for the first time since mid-May, as escalating attacks on key shipping routes in the Middle East fueled concerns about prolonged disruptions to crude supplies.

Brent crude futures rose $1.05, or 1%, to $108.68 per barrel, while U.S. West Texas Intermediate crude climbed 95 cents, or 1%, to $103.45. Both benchmarks jumped more than 6% on Thursday.

On a weekly basis, oil prices rose by about 13%, marking the largest weekly gain since the week ending July 17.