Oil holds at five-month highs: Brent tops $114, U.S. crude passes $100
Prices stayed near their highest since May as the Iran war kept supply fears alive.
Oil prices hovered at their highest levels since May on Friday, as worries about the war with Iran kept supply concerns alive. Brent crude, the international standard, gained 0.8% to $114.02 a barrel in early trading, while U.S. benchmark crude added 1.1% to $100.60, passing the $100 mark.
The gains followed a week of escalating attacks in Saudi Arabia and Iran’s claim that seven tankers were damaged in the Strait of Hormuz, the narrow waterway that carries a large share of the world’s seaborne oil.
Higher oil prices feed into fuel and shipping costs, which is why sustained increases can matter for inflation and for companies that rely heavily on energy, such as airlines.
