Brent crude futures surged past $96 a barrel, marking a six-week high as geopolitical tensions reignited risk premiums in energy markets.
The benchmark price extended its winning streak for a fifth consecutive session, signaling a sharp reversal from the relative stability that had characterized the market earlier in the week.
Investors are increasingly pricing in supply disruption risks, moving away from the pre-conflict levels that had briefly anchored prices.
The rally in oil comes as broader equity markets showed mixed signals.
Asian shares gained ground, led by a rebound in regional semiconductor manufacturers.
The tech sector’s strength suggests that despite the energy headwinds, demand for hardware and chips remains resilient.