Oil prices soar as geopolitical tensions rise

Oil prices continued to rise on Friday amid fears of increasing tensions in the Middle East. Both Brent and WTI reached new highs since the end of October, Report informs via Interfax.

The cost of June futures for Brent oil on the London ICE Futures exchange amounted to $90.91 per barrel. This is $0.26 (0.29%) higher than the previous close. On Thursday, these contracts rose by $1.3 (1.5%) to $90.65 per barrel.

WTI oil futures for May rose in price by $0.09 (0.1%) to $86.68 per barrel in e-trading on the New York Mercantile Exchange (NYMEX). According to the results of previous trading, the cost of these contracts increased by $1.16 (1.4%) to $86.59 per barrel.