Concerns over continued war in the Middle East sent oil prices soaring on Friday’s close, with U.S. crude oil futures up more than 35% for the week, their highest since trading began in 1983.
Brent crude oil futures for May delivery rose 8.52% ($7.28) to $92.69 per barrel, marking a weekly gain of 27.88%.
US Nymex crude oil futures for April delivery rose 12.21% ($9.89) to $90.90 per barrel, expanding the weekly increase to 35.63%.
This was in response to U.S. President Donald Trump’s statement that there is no agreement with Iran other than unconditional surrender, given the escalation of the conflict across the Middle East and navigational obstacles in the Strait of Hormuz.
In an attempt to calm the market, the U.S. International Development Finance Corporation announced a $20 billion reinsurance plan to encourage oil tankers to resume sailing through the Straits.
Concerns about continued war in the Middle East sent oil prices soaring at the close of trading on Friday, with U.S. crude oil futures up more than 35% for the week, their highest since trading began in 1983.
Brent crude oil for May delivery rose 8.52%, or $7.28, to $92.69 per barrel, up 27.88% for the week.
Meanwhile, US West Texas Intermediate (WTI) crude oil futures for April rose 12.21% ($9.89 per barrel) to $90.90, extending the weekly increase to 35.63%.
This followed US President Donald Trump’s statement that there would be no deal with Iran without unconditional surrender, as the conflict spread to the Middle East and disrupted navigation through the Strait of Hormuz.
To calm the market, the U.S. International Development Finance Corporation announced a $20 billion reinsurance plan to encourage oil tankers to resume sailing through the strait.
