Oil
Brent touched $110 a barrel for the first time since May on Friday on worries that escalating tensions in the Middle East could further tighten supplies, while investors assessed how much diesel Russia could supply to the global market.
Brent crude futures settled at $109.86 a barrel, and US WTI crude finished at $101.41 a barrel. For the week, Brent rose 4.9% and WTI was up 10.4%.
Russia's Ryazan oil refinery has suspended operations at a primary crude distillation unit following a drone attack on Thursday, raising concerns over how much diesel fuel Russia can deliver to the markets.
Gas
Asian spot liquefied natural gas (LNG) prices rose to their highest level in nearly four years as attacks on vessels near the Strait of Hormuz and escalating competition between Europe and Asia for cargoes kept the global gas market on edge ahead of winter.
The average LNG price for December delivery into northeast Asia was $29.30 per million British thermal units, up from $26.50 per mmBtu the week before.
In Europe, the Dutch TTF gas price settled at $28.86 per mmBtu, posting a weekly gain of 8.5%. Despite warmer weather and recovery in Gulf LNG flows to 30% of pre-conflict levels, Europe will still enter winter with storage at a record low of 74%.
This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.