Oil Hits $110 for the First Time Since May
Traders priced in supply disruptions as diesel futures and crude benchmarks rallied, with Brent topping $109 and WTI crossing $100 for the first time since September.
- On Friday, Brent crude oil spiked above $109 per barrel, reaching its highest level since mid-September. The global benchmark rose 3.7%, notching a second straight weekly gain as bullish sentiment crystallized amid reports of ongoing conflict in major export centers.
- Escalating military tensions in the Middle East and the Russia-Ukraine war continue to disrupt global energy supplies. Supply concerns intensified as attacks on regional infrastructure surged in recent weeks, constraining available crude and refined products.
- U.S. West Texas Intermediate crude futures rose 2.8% to $100.67, crossing $100 for the first time since September 21. New York diesel settled at $4.90 a gallon, reflecting tightened market supply conditions.
- President Donald Trump eased U.S. sanctions on Russia this month to facilitate a diesel deal, yet lawmakers introduced legislation Friday to block the arrangement. The U.S. also released 17 million emergency barrels from reserves.
- Eurasia Group analysts warned the conflict is likely to escalate, raising intensification odds to 65% from 35%. Market participants remain wary as traders price risk back in ahead of the weekend.
15 Articles
15 Articles
Oil Spikes To New High, Election Is Just 18 Days Away
NBC News reports: A key oil price benchmark surged Friday to its highest level in five months, as investors assessed the impact of both the Iran and Ukraine-Russia wars on global energy supplies. Brent crude oil, widely considered to be among the most important prices in global energy, surpassed $110 per barrel shortly after 2:30 … The post Oil Spikes To New High, Election Is Just 18 Days Away appeared first on Joe.My.God..
Oil hits $110 per barrel for first time since May
An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars. The price of Brent crude oil, the international standard, hit $110 on the nose during Friday trading. That marked the first time it has reached that level since May 20, less than three…
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