Business
Oil Price Settles Above $100 a Barrel
Oil prices settled Friday at over $100 a barrel, topping off a chaotic week that saw prices nearly hit $120 on Monday. Iran’s decision to halt oil traffic through the Strait of Hormuz has driven up crude prices.
Brent crude, the global oil benchmark, rose 11% this week to $103.14 a barrel. The U.S. benchmark, West Texas Intermediate crude, gained 8.6% to $98.71. Both have risen for four straight weeks.