Oil prices hit highest point since May
Summary
Oil prices reached their highest levels since May due to the ongoing war in Iran, which has lasted eight months. On Friday morning, Brent Crude oil was priced at $116 per barrel, and West Texas Intermediate (WTI) oil in the U.S. was about $102 per barrel.Key Facts
- Oil prices rose to the highest levels seen since May.
- The conflict in Iran has continued for eight months.
- Brent Crude is an international standard oil price.
- Brent Crude was trading at $116 per barrel on Friday morning.
- West Texas Intermediate (WTI) is the U.S. oil price benchmark.
- WTI price was about $102 per barrel on Friday morning.
- The war in Iran is influencing global oil prices.
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