WASHINGTON (dpa-AFX) - Extending the rally seen over the past several sessions, crude oil prices have shown another substantial move to the upside during trading on Friday.
Crude oil for November has soared $3.33 or 3.4 percent to $101.30 a barrel, surging back above $100 a barrel for the first time in a month.
With the continued spike, U.S. crude oil futures are currently on pace to skyrocket by more than 10 percent for the week.
Crude oil prices continue to surge as Iran has re-escalated its attacks in the Strait of Hormuz, with a report from CNBC saying at least nine commercial ships have come under attack this week.
A recent X post from U.S. Central Command on Thursday confirmed that a Singapore-flagged container ship was hit by an Islamic Revolutionary Guard Corps projectile and sank while being towed to shore.
However, Centcom continued to deny Iran's clams that it controls the Strait or Hormuz, claiming that more than 40 ships have moved through the strait in the last 24 hours.
Concerns the purported 'energy ceasefire' between Russia and Ukraine has unraveled have also driven crude oil prices sharply higher.
Ukrainian President Volodymyr Zelenskyy told the Financial Times his country would resume attacks on Russian refineries in retaliation for the Kremlin's continued attacks on Ukrainian infrastructure.
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