Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month.
A sharp escalation in U.S. and Iran tensions, wider strikes across the region, and an 11% weekly jump in Brent and WTI futures have quickly reshaped the risk and return trade off around oil and gas.
Curious Minds Corner
What is the first oil well commonly cited as the first modern commercial well in the U.S.?