International benchmark Brent crude oil traded at $79.84 per barrel at 15.15 GMT+2 on Friday while American benchmark West Texas Intermediate (WTI) hit $71.58.
Brent crude increased and started the week at $76.78 per barrel at 09.46 GMT+2 while WTI reached $70.44 per barrel on Monday.
On Thursday, Brent crude hit $80.09 per barrel at 09.45 GMT while WTI hit $72.16. This week, with Brent hitting over the $80 threshold, it reached the highest level seen since 2014.
The increase was largely driven by supply concerns in the Middle East amid the relocation of the U.S. Embassy from Tel Aviv to Jerusalem as well as the recent U.S. decision to withdraw from the Iran nuclear deal and re-implement sanctions.
By Gulsen Cagatay