Oil Prices This Week: Brent Hits Highest Since 2022 on Iraq Force Majeure, Strait of Hormuz Risks
Oil surged to levels not seen in almost four years, fueled by Iraq's force majeure declaration on foreign-operated fields and fresh turmoil across the Middle East. Brent closed out Friday at $112.19 a barrel—its highest mark since July 2022. U.S. West Texas Intermediate, with the April contract set to expire, finished at $98.32. For the week, Brent jumped 8.8%, but front-month WTI slipped about 0.4% from last Friday.