Oil prices continue to climb, hitting their highest level in nearly 2 years
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The price of oil continued to surge on Friday amid growing concerns that the Iran war will disrupt global crude supplies. Edited by Alain Sherter In:
The price of oil continued to surge on Friday amid growing concerns that the Iran war will disrupt global crude supplies.
West Texas Intermediate (WTI), the U.S. oil benchmark, rose 6.8% to $86.57 per barrel on Friday morning, according to data from Factset. Brent crude, the international benchmark, jumped 4.7% to $89.44. Both were trading near their highest levels since April 2024.
Crude prices have surged this week as the Iran conflict halts shipments of oil and liquefied natural gas through the strategically vital Strait of Hormuz. About 20% of global oil shipments normally travel through the waterway.
"The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows," JPMorgan analysts said in a report on Friday.
Qatar's energy minister suggested that all Gulf energy exporters may shut down production within days, which could drive Brent crude to $150 a barrel, the Financial Times reported.
Stocks opened sharply lower on Friday after new government data pointed to a weakening U.S. labor market and as concerns mount about the impact of the Iran war on the U.S. economy. Edited by Alain Sherter In:
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The price of oil continued to surge on Friday amid growing concerns that the Iran war will disrupt global crude supplies. Edited by Alain Sherter In:
The U.S. job market shed 92,000 jobs in February, a sharp and unexpected setback for the economy after economists had forecast job growth. Edited by Aimee Picchi In:
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The U.S. military plans to exhume the remains of 88 sailors and Marines killed when the USS Arizona was bombed during the Japanese attack on Pearl Harbor and who were buried as unknowns in a Honolulu cemetery. In:
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Republican Rep. Tony Gonzales dropped his reelection bid for his Texas congressional district on Thursday, after admitting to an affair with a staffer who later died by suicide.
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Defense Secretary Pete Hegseth said Thursday that Iran is hoping the U.S. cannot sustain its operation against the country, even though, according to Hegseth, the U.S. can "sustain the fight for as long as it takes."
Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran. Edited by Alain Sherter In: