Brent crude climbed to $117, near its yearly high, as analysts attribute the surge mainly to a risk premium linked to potential conflict rather than strong demand.
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Tech shares fell over $1 trillion on Friday while Brent crude surged past $110 per barrel, reviving concerns over debt, inflation and higher interest rates.
Oil benchmarks jumped and fell Tuesday as President Trump's UN remarks, diplomatic talks with Iran and Ukraine, and reports of a Saudi pipeline restart moved markets.
JP Morgan admitted it cannot forecast oil prices as the US‑Iran war drags on, noting that key economic red lines have already been crossed.
Diesel hit a historic $6.31 per gallon, prompting concerns that rising freight costs will push up consumer prices across the United States.
Oil prices declined Thursday amid reports of a U.S.-Iran deal and forecasts from the International Energy Agency predicting a supply glut next year.