Oil prices hit $114 as Middle East conflict escalates

Oil prices climbed above $114 per barrel on Friday, reaching their highest level since late April as fighting in the Middle East raised fears of supply disruptions. Brent crude, Europe's benchmark oil, rose 0.7% to $114.1 in London futures trading. It briefly touched $114.7 earlier in the day. The increase follows a 4% jump on Thursday. European natural gas prices also hit new highs. The Dutch TTF benchmark, Europe's main gas reference, surpassed €91 per megawatt-hour for the first time since December 2022. Gas prices have risen 185% since the Middle East conflict began. **Growing tensions** Iran's Revolutionary Guard said it attacked four vessels it claimed were illegally transferring oil in the Persian Gulf. US President Donald Trump accused Iran of spreading false reports about attacks in the Strait of Hormuz to push up fuel prices. He said more oil now flows through the strategic waterway than before the conflict. Saudi Arabia said Friday it intercepted a ballistic missile fired at Riyadh by Yemen's Houthi rebels. The country activated danger alerts in several cities, including the capital. The interception came after the Houthis claimed attacks on Saudi Arabia's Defense Ministry, state oil company Aramco facilities, and the international airports in Abha and Dammam. Two people died in the Dammam attack. The Houthis did not mention a drone attack on Saudi Arabia's Shaybah oil field near the UAE border, where at least two people died when debris fell after the projectile was shot down. The attacks have led the US to order the departure of non-essential government personnel and their families from the region. US media reported that Washington and Israel are considering a new offensive against Iran after the US legislative elections on November 3. **Spanish market** Spain's IBEX 35 stock index opened slightly higher Friday, up 0.22% to 18,956.3 points, despite pressure from rising oil prices. The index has gained 9.48% this year.