Oil prices surged to the highest level since 2023 as the war in the Middle East roiled commodities markets, sending the costs of everything from petrol to jet fuel spiralling and threatening a new bout of global inflation.
Brent crude settled 8.5 per cent higher on Friday, leaving the international oil benchmark up 28 per cent this week to $92.69 a barrel. US marker West Texas Intermediate leapt 36 per cent this week to $90.90, in its biggest weekly rise on records stretching to 1983.
The rally came after US-Israeli strikes on Iran at the weekend, and Tehran’s counteroffensive stymied transits of oil tankers through the Strait of Hormuz, a waterway that carries about a fifth of the world’s oil supply.
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