Crude prices posted double-digit weekly gains and closed at their highest in at least nine years after the White House said it was considering a ban on Russian oil imports, adding to the worries of a market already hyped up about sanctions on one of the world’s largest energy exporters.
The escalating war in Ukraine and the West’s retaliation with more financial punishments on Moscow further fueled Friday’s crude. Another catalyst was Saudi Arabia’s announcement of a record hike in the selling price for its crude.
U.S. crude’s West Texas Intermediate, or WTI, benchmark settled up $8.01, or 7.4%, at $115.68 a barrel, its highest close since 2008.
For the week, U.S. crude was up about 26%, its biggest weekly gain since March 2020.
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