NEW YORK: Oil prices rose about 4 per cent on Friday as US gasoline prices jumped to an all-time high and stock markets soared on fears supplies would tighten if the European Union bans Russian oil after Moscow sanctioned European units of state-owned Gazprom.
Earlier this week, oil prices were kept in check by worries about inflation, a strong US dollar and slower global growth due to China’s Covid-19 lockdowns and Russia’s invasion of Ukraine.
Brent futures rose $3.97, or 3.7pc, to $111.42 a barrel by 12:32pm EDT (1632 GMT), while US West Texas Intermediate (WTI) crude rose $4.38, or 4.1pc, to $110.51.WTI was on track for its highest close since March 25 and its third weekly rise. Brent remained on track for its first weekly decline in three weeks.
