Brent crude hits $108 amid West Asia conflict and rally
Business
Brent crude oil just jumped to $108 a barrel, its highest in four months, thanks to escalating conflicts in West Asia.
WTI also traded around $104 after a sharp overnight spike.
Both are set for their biggest weekly gains since July, making energy prices a hot topic again.
U.S.-Iran conflict heightens oil supply fears
The U.S.-Iran conflict is now seven months deep, with attacks on oil tankers and missile strikes on bases fueling supply fears.
Houthi strikes on Saudi Aramco facilities and recent projectile hits in Oman have added to the chaos.
Plus, China's ramped-up oil imports are pushing prices even higher; Goldman Sachs says oil prices could head back toward the $120 a barrel mark if the fight drags on for longer.