Crude oil and refined product futures prices were seeing solid gains Friday with contracts on track to finish sharply higher for the week as fighting has escalated between the U.S. and Iran.
U.S. oil prices were up about 2.6% at 11:30 a.m. ET, with the August West Texas Intermediate crude contract climbing by $2.12 to $81.07/bbl. With the August contract set for expiration next week, most activity is shifting to the September contract, which was rising by $2.15 to $80.43/bbl.
September Brent crude was trading $2.20 higher to $86.43/bbl and October prices were climbing by $2.04 to $85/bbl.
Oil prices are set to end the week about $10/bbl higher amid the escalation of fighting between the U.S. and Iran. Kuwait on Friday said Iran attacked power and water desalination plants in that country. Iran said it also launched strikes at U.S. targets in Bahrain, Jordan, Kuwait, Oman, Qatar and Syria, according to news reports. The attacks on civilian infrastructure in Kuwait represent a significant escalation of fighting in the region.
Most trading activity in refined product futures is also moving to the next-month contracts Friday.
