The price of oil continues to rise, with prices reaching $90 per barrel on Friday, CNBC reported.
Global benchmark Brent crude futures added 5.41% to trade at $90.03 a barrel. U.S. West Texas Intermediate crude futures were last seen 8.02% higher at $87.51.
The U.S.-Iran conflict has disrupted energy production across the Middle East, with crucial shipping route the Strait of Hormuz ceasing to have any shipping.
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Qatar’s energy minister Saad al-Kaabi told the Financial Times Friday that crude prices could reach $150 a barrel in the coming weeks if oil tankers were unable to pass through the strait.
