Global crude oil futures surged over 3% on Friday to close at their highest levels since late April as an unexplained tanker spill off the United Arab Emirates and relentless regional attacks overwhelmed emergency reserve releases.
Global crude oil futures surged on Thursday to their highest levels since May after Saudi Aramco evacuated its Dhahran headquarters, the US ordered diplomats out of Saudi Arabia, and fresh naval mines struck Gulf shipping.
Global crude oil futures settled mixed on Wednesday after surrendering early $2 gains as prospective Russia–Ukraine peace talks and a surprise US distillate build countered a steep US crude inventory draw and expanding Gulf tanker strikes.