Global Oil Price Hits $117 a Barrel

“Oil prices rose further on Friday, as hostilities across the Middle East continue to raise fears in the energy markets that the oil supply from the region would remain throttled,” the New York Times reports.

“The price of Brent crude, the international oil benchmark, jumped above $117 a barrel on Friday, taking its increase for the week to almost 6 percent. Brent prices have risen 60 percent since the United States and Israel launched attacks on Iran on Feb. 28 and are now at their highest level since April, and close to their highest levels since the war began.”