Oil prices spiked on Friday as Middle East hostilities intensified fears over energy supplies. Brent crude jumped above $117 a barrel, its highest level since April and up nearly 6 percent for the week. The benchmark has risen 60 percent since the U.S. and Israel launched attacks on Iran on Feb. 28.
WTI crude topped $102 a barrel, up more than 50 percent since the war began. Gasoline prices reached $4.29 a gallon, while diesel stood at $6.31 a gallon, both near recent peaks. Investors worry the conflict will drag on, with Brent expected to stay above $100 through April.
Attacks on shipping in the Strait of Hormuz and elsewhere have disrupted oil flows, with strikes on energy vessels at their highest level since the war started. The S&P 500 fell 0.5 percent as elevated oil prices weighed on markets.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing