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Oil prices rose on Friday and both major benchmarks are on track to end the week at over $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.
Oil rose in early trade on escalating concerns over supply disruptions in the Middle East
U.S. stocks fell for the fourth straight session and Treasury yields hit multiyear highs as U.S. oil prices topped the $100-per-barrel level while August inflation data revealed the toll energy costs are taking on commercial users.
Oil traders focus on additional risks to oil supply in the Middle East.
Tony Zhang of @OptionsPlay says crude oil and 10-year Treasury yields have the steering wheel on Wall Street. Waning market performance and steep downside risk in the S&P 500 (SPX) are two factors Tony is watching in the coming days and weeks.
Commercial crude oil stocks fell by 391,000 barrels last week. Analysts had expected crude stocks to fall by 1.4 million barrels.
Get a jump start on the US trading day with Vonnie Quinn and Bailey Lipschultz on "Bloomberg Open Interest." Oil above $105.
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than "Bloomberg Surveillance.