Why oil prices are surging

Global oil prices have gained more than 16% since late June and are heading for their fifth-straight week of gains, the longest rally since before Russia’s full-scale invasion of Ukraine upended energy markets.

The price of Brent crude, the global benchmark, ticked down 0.1% to $84 a barrel in Friday, but is still up 3.9% this week. The winning streak is the longest since an eight-week rally ended in early February 2022.

US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. That has spurred a jump in US gasoline prices, which hit an average of $3.73 a gallon on Friday, their highest level since mid-November 2022.

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