Oil Prices Surge to Four-Month Highs as War Risks Mount

Crude oil prices extended their climb this week, reaching the highest since May as hostilities in the Gulf continue and the prospect of peace gets even more remote. At the time of writing, Brent crude was trading at $107. 86 per barrel, and West Texas Intermediate was changing hands for $102.

28 per barrel. Earlier in the week, Brent topped $108, and WTI was trading at over $103. Benchmarks have added some 13% from last week, according to Reuters. This is the sharpest weekly gain since mid-July.