Oil Prices Today: Brent Tops $111, WTI Near $99 as Iran Talk Doubts Keep Market on Edge
Brent crude rose 3.3% to $111.52 a barrel Friday, while U.S. WTI gained 4.3% to $98.54, despite Brent heading for its first weekly drop since February. Flows through the Strait of Hormuz remain sharply reduced, forcing IEA countries to release 400 million barrels from emergency stocks. Open interest in June Brent $150 call options has surged nearly tenfold in a month. U.S. drillers cut nine rigs this week, Baker Hughes said.