Hong Kong/New York CNN —
The price of oil surged Friday in one of the market’s largest single-day increases in years, reflecting fears that a wider conflict in the Middle East could lead to serious energy supply disruptions.
Brent crude, the global benchmark, was last up 6.3% at $71 a barrel. US oil jumped 8.5% to nearly $74 a barrel, after gaining as much as 13% earlier in the day. Those are the biggest intraday gains for each benchmark since March 2022, a month after Russia launched a full-scale invasion of Ukraine.
The surge
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