Oil Prices Rise by More Than 3%
Oil prices rose as investors weighed supply risks from the Iran and Russia-Ukraine conflicts, while Brent crude climbed above $109 a barrel.
- On Friday, Brent crude oil spiked above $109 per barrel, its highest level since mid-September, while West Texas Intermediate crude crossed $100 for the first time since September 21.
- Global fuel prices climbed steadily after the U.S. and Israel attacked Iran in late February, closing the Strait of Hormuz, while Russia-Ukraine war escalation has damaged Russian refining infrastructure.
- Regular gasoline averaged $4.32 per gallon nationwide Friday as energy prices surged, causing the S&P 500 to fall more than 1% and the Nasdaq Composite to drop 2%.
- Seeking to lower fuel costs, President Donald Trump eased U.S. sanctions on Russia this month, though no Russian diesel had reached the global market as of Friday.
- Wells Fargo analyst Mason Mendez cited "growing doubts that a U.S.- Russia diesel deal will come to fruition," as refineries near maximum capacity and fuel costs remain a top issue before November elections.
16 Articles
16 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices surged on the 16th (local time) as geopolitical risks simultaneously escalated in the Middle East and Ukraine...
Today's oil prices have risen by more than three percent, moving towards weekly gains with continued misty on the Middle East supply, while investors continue to assess how much diesel Russia can supply to world markets.
Crude oil prices began to rise sharply on Friday evening after Iran stepped up its attacks on the Strait of Hormuz and Ukraine announced continued strikes on Russian refineries. WTI prices rose above $101 a barrel, while Brent prices jumped to nearly $110, CNBC reported.
The price of Brent crude oil has exceeded $109 per barrel for the first time since mid-September
The price of Brent crude oil has exceeded $109 per barrel for the first time since mid-September.By 19:36 Moscow time, the price of oil increased by 3.45% and peaked at $109.57 per barrel. Oil of this grade is trading above $109 per barrel for the...
Shafaq News - Follow-up: Global oil prices rose on Friday evening amid concerns about Middle East supplies and ongoing tensions, as well as the shutdown of a Russian refinery due to Ukrainian shelling. Brent crude futures rose by more than $3 to $109.58 a barrel, while US West Texas Intermediate (WTI) crude futures rose by more than $2, surpassing $100 a barrel. US crude rose by more than 3% at the previous session's settlement, after a large dr…
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