Oil prices climb past 113 dollars amid Middle East tension and stock selloff

Oil prices rose past 113 dollars per barrel on Thursday and Friday, while stock markets fell due to fears over Middle East conflicts and doubts about artificial intelligence spending. Euronews and the New York Post reported that Brent crude futures surged 4 percent on Thursday to settle at 113.17 dollars per barrel. Euronews added that Brent crude reached 113.73 dollars per barrel early on Friday morning. [1][2][3]

United States benchmark West Texas Intermediate crude also moved higher, according to Euronews and the New York Post. The New York Post reported that West Texas Intermediate crude jumped 2.4 percent to 99.47 dollars per barrel on Thursday, while Euronews reported that it rose 0.6 percent to 100.08 dollars per barrel on Friday. [1][3]

The energy price increases came alongside sharp falls in major stock indexes, according to Euronews and the New York Post. The New York Post reported that the Nasdaq dropped 2.6 percent to 26,008.86 in its worst day since June, led lower by Meta and Tesla. Euronews reported that the S&P 500 had its worst day since July, while Asian shares traded mostly lower on Friday morning. [1][2][3]

The report from the New York Post stated that oil traders feared an escalation in the Middle East following reports that the United States and Israel are planning new strikes on Iran. Euronews noted that rising energy prices added to broader inflation concerns, causing investors to seek safety in United States bonds. [1][3]