New York, October 17 (QNA) – Oil prices jumped at settlement on Friday amid concerns that escalating tensions in the Middle East could further disrupt supplies, while investors assessed the amount of diesel Russia may be able to deliver to global markets.

Brent crude futures rose by $3.94, or 3.7%, to settle at $109.86 a barrel, their highest closing level since May 19.

US West Texas Intermediate (WTI) crude futures gained $3.44, or 3.5%, to settle at $101.41 a barrel, marking their highest settlement since September 17.

For the week, Brent crude rose 4.9%, while WTI climbed 10.4%.

Efforts to ease pressure on fuel supplies continued, with the International Energy Agency approving the release of more than 20 million barrels of fuel into the market on Thursday.

Meanwhile, the US Department of Energy announced on Friday that it had issued a request for bids to exchange up to 17 million barrels of crude oil from the US Strategic Petroleum Reserve.

The developments come as markets remain focused on geopolitical risks and their potential impact on global energy supplies. (QNA)