U.S. West Texas Intermediate crude also rose, trading above $100 a barrel. The rally has increased costs for consumers, with U.S. retail gasoline reaching $4.29 a gallon, representing a 40% increase year-over-year. Research from Brown University indicates that these price spikes have resulted in $142B in additional fuel spending in the U.S. this year.
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Brent Crude Tops $117 a Barrel on Fears of Escalating U.S.-Iran Conflict
Commodities4 days ago
Benchmark oil prices extended a rally on Friday, with Brent crude climbing to levels not seen since March 19. The crude price reached $117 a barrel, placing it within $2 of its 2026 high, as markets reacted to reports that the U.S. and Israel may renew military strikes against Iranian nuclear and energy infrastructure. The price jump follows a series of intensified Houthi attacks on Saudi Arabian energy facilities.
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