Crude oil prices rallied nearly 9 percent this week, registering their best weekly performance in roughly two years amid severe geopolitical tensions in the Middle East.
November West Texas Intermediate crude oil prices finished the session up $0.96, or 1.30 percent, at $74.67 per barrel. U.S. crude registered a weekly gain of 8.8 percent, the biggest weekly increase since October 2022, lifting its year-to-date gain to nearly 5 percent.
Brent, the international benchmark for oil prices, also recorded modest gains to end the trading week. December Brent crude futures rose $0.20, or 0.26 percent, to $78.26 a barrel. Brent posted a weekly increase of 8.7 percent. So far this year, Brent has climbed 1.5 percent….