Oil prices jump sharply, to nearly $110 per barrel

Oil prices jumped sharply Friday to their highest levels in weeks, as investors assessed the impact of both the Iran and Ukraine-Russia wars on global energy supplies.

Brent crude oil spiked above $109 per barrel, its highest level since mid-September. The oil price benchmark — widely considered to be among the most important figures in global energy — was just a few cents away from its highest level in five months.

U.S. crude oil, which also steers gas prices, rose to $100 per barrel. It was the first time West Texas Intermediate crude had crossed that threshold, closely watched by both traders and the public, since September.

Friday’s price jumps will likely add to already elevated gasoline prices for U.S. consumers in coming days. As of Friday morning, regular gasoline averaged $4.32 per gallon nationwide.

At midafternoon trading levels, oil prices were poised to gain about 5% over the course of the week.

Diesel futures also jumped by more than 1% Friday. The cost of this commercial fuel critical for farming and other industrial sectors has risen even faster than regular gasoline in recent months.

Stocks fell Friday, partly in response to the jump in energy prices. The S&P 500…

Original source: https://www.nbcnews.com/business