US crude futures climbed 12per cent on Friday due to disruptions to global oil supplies because of the expanding US-Israeli war with Iran.

Brent crude futures settled at $92.69 a barrel, up $7.28, or 8.52pc. West Texas Intermediate crude (WTI) finished at $90.90 a barrel, up $9.89, or 12.21pc.

In one week, WTI rose 35.63pc and Brent climbed 27pc, the biggest weekly gains since the COVID-19 pandemic in Spring 2020.

For the second consecutive day, US crude futures rose more than Brent futures as refiners worldwide scrambled to buy alternative crude to plug the gap left by the disruption to Middle East supplies.

“Refiners and trading houses are searching for alternative barrels, and the US is the largest producer,” said Giovanni Staunovo, an analyst with UBS.

Several factors contributed to the divergence in gains between WTI and Brent on Friday, said Janiv Shah, vice president of oil analytics at Rystad Energy.

High levels of refinery production due to favorable margins and strong arbs to Europe accounted for the split between the two contracts, Shah said.