Crude oil prices were set to end the week with substantial gains pushed higher by the latest events in the Middle East. Both Brent crude and West Texas Intermediate were about 8% higher on Friday morning in Asian trade than they were at the start of the week.
Two years after some of Texas’ largest oil companies withdrew from Russia because of U.S. sanctions over the country’s invasion of Ukraine, they and other U.S. corporations are under threat of Russian litigation claiming they are in breach of contract.
Curious Minds Corner
Question of the week
What does OPEC stand for?
Organization of the Petroleum Exporting Countries.