Oil prices reach highest settlement since July 2022
Brent crude rose to $112.19 as Iraq declared force majeure and Mideast conflict disrupted supply. Prices remain high as the Strait of Hormuz stays restricted.
Oil prices surged on Friday, reaching their highest settlement levels in nearly four years as geopolitical instability in the Middle East disrupted global supply chains. The market rally was triggered by Iraq declaring force majeure on all oilfields managed by foreign firms, coinciding with an escalation in the conflict involving Iran. In response to the heightened tensions, the United States is preparing to deploy thousands of additional Marines and sailors to the region.
Brent Crude Oil futures for May delivery settled at $112.19 per barrel, an increase of $3.54 or 3.26%, marking its highest level since July 2022. U.S. West Texas Intermediate (WTI) crude for April settled at $98.32, up 2.27%. For the week, Brent gained approximately 8.8%, while WTI saw a slight decline of 0.4% compared to the previous Friday. The price gap between the two benchmarks reached its widest point in 11 years earlier in the week.
