Commodities
Oil Prices Soar on Renewed US-Iran Hostilities and Middle East Disruptions
Oil prices rose on Friday, ending the week higher after renewed US-Iran hostilities and increased supply disruptions in the Middle East.
Brent crude futures settled at $96.28 a barrel, up 76 cents or 0.8%, while West Texas Intermediate crude finished at $91.48 a barrel, up 18 cents or 0.20%.
The rally in oil prices has pushed inflation and government borrowing costs higher around the world, intensifying fears of global economic growth slowing down.
Citi raised its average Brent crude price forecast for the third quarter to $86 a barrel from $80, citing the reopening of the Strait of Hormuz taking longer than expected.