Oil surges over $3 as Brent tops $116 on Middle East supply fears
Oil prices jumped more than $3 to a near six-month high, driven by concerns over further disruptions to Middle East energy supplies.
Key Takeaways
AIOil prices rose by more than $3 at settlement today, reaching their highest level in nearly six months amid concerns about further disruptions to energy supplies from the Middle East.
Brent crude futures climbed $3.55, or 3.14%, to settle at $116.72 per barrel, marking their highest close since April 29.
US West Texas Intermediate (WTI) crude futures gained $3.80, or 3.8%, to $103.27 per barrel.
Brent ended the week up 6%, while WTI finished the week with a 2.3% gain.