Commodities
Middle East Tensions Fuel Oil Price Surge
Oil prices surged on Friday, up more than 4% from last week's close as tensions in the Middle East escalated and supply concerns mounted.
The international benchmark Brent crude traded at $87.12 per barrel at 2 p.m. local time (1100 GMT), while US benchmark West Texas Intermediate (WTI) crude traded at $81.52 per barrel, both up 4.27% from their respective last week's closes of $83.55 and $78.18.
The price gains were fueled by renewed US-Iran tensions, uncertainty over the Strait of Hormuz, and attacks on Libyan energy facilities.
US Treasury Secretary Scott Bessent said Thursday that Washington planned to impose unprecedented economic measures on Iran, with further announcements expected next week.