U.S. crude oil sees largest weekly price jump on record

U.S. crude oil recorded its biggest weekly gain on record, dating back to the inception of the West Texas Intermediate oil contract in March 1983, as the escalating Iran war threatens global energy supplies.

On Friday alone, U.S. crude oil spiked more than 12% to more than $91 per barrel, its highest price since late 2022.

Since the start of the year, the price of U.S. crude has risen nearly 60%...