Crude oil surged on Friday as fresh attacks on Kuwait by Iran renewed concerns of a prolonged gulf war, stoking production disruption worries and overshadowing the signs of de-escalation that surfaced after Israel assured it would not continue to hit Iran's energy infrastructures.
WTI Crude Oil for April delivery was last seen trading up by $1.68 (or 1.75%) at $97.82 per barrel.
The war between the U.S.-Israel combined forces against Iran that began on February 28 kept pushing oil prices higher over the past three weeks.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.