Business
Oil Prices Close Above $90 Amid Fears of Spreading Mideast War
The steepest oil-price runup since the early days of the Ukraine war sent benchmark oil prices above $90 a barrel on Friday, a signal that traders are increasingly fearful that the spiraling Middle East conflict could spark an energy shock.
Futures for Brent crude, the global oil benchmark, jumped more 8.5% Friday to 92.69 a barrel, its highest level since 2023. The one-day surge was the sharpest since March 2022. For the week, the price rose 27%, a record.
WTI crude, the U.S. benchmark, surged by 12%, its biggest daily jump since 2020. U.S. crude finished the day at $90.90 a barrel, up a record 36% for the week, according to Dow Jones Market Data.