Commodities
Oil Prices Surge Above $100 as Middle East Tensions Rise
Oil prices surged on Friday, setting them up to close above $100 per barrel for the first time in nearly four months. Brent crude futures rose 81 cents, or 0.8%, to $108.44 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude climbed 69 cents, or 0.7%, to $103.17 a barrel.
The rally's durability will depend on China, the world's largest crude importer. If it continues buying, supply disruptions could amplify and drive prices higher.
Attacks along key shipping routes in the Middle East have fueled fears of prolonged disruptions to supplies. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic.