Oil Prices This Week: Brent Hits Highest Since 2022 on Iraq Force Majeure, Strait of Hormuz Risks
Brent crude closed Friday at $112.19 a barrel, its highest since July 2022, after Iraq declared force majeure on foreign oilfields and Middle East conflict intensified. U.S. West Texas Intermediate settled at $98.32. Dubai crude hit a record $166.80, and European jet fuel reached $220 as physical markets tightened and refiners sought replacement supplies.