Business
Oil Prices Rise for Fourth Straight Weekly Gain
Brent crude, the global benchmark, rose 2.7% Friday to end the week at $103.14 a barrel, its highest settlement value since August 2022. Since the attacks between the U.S. and Iran started nearly two weeks ago, Brent prices have surged 42%.
For the week, Brent rose 11% in its fourth consecutive week of gains.
U.S. crude futures rose 8.6% for the week to close at $98.71 a barrel. They rose 3.1% on Friday. They’ve now risen in 10 of the past 11 sessions and stand at their highest level since July 2022.
Stocks slid again as oil prices spiked on Friday, as the major indexes fell for a third-straight week.
The Dow Jones Industrial Average fell 119 points, or 0.3%. The S&P 500 was down 0.6%. The Nasdaq Composite was down 0.9%. All three marked their lowest close since late November.
The war in Iran was the market’s main driver this week. West Texas Intermediate rose 3.1% to $98.71 a barrel on Friday, while Brent crude oil futures rose 2.7% to $103.14.
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