Oil prices jumped and settled at their highest in nearly four years, as Iraq declared force majeure on all oilfields developed by foreign oil firms and the Iran war escalated with the U.S. set to deploy thousands of additional Marines and sailors to the Middle East.
Gold prices fell by 1.8% on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
The average rate on the popular U.S. 30-year fixed-rate mortgage surged to a three-month high this week as war in the Middle East stoked inflation fears, dealing a blow to the Trump administration’s efforts to make housing more affordable.
Brent crude was up but well off session highs of $119 a barrel while U.S. crude futures finished with a small loss hours after hitting a session high over $100 a barrel.
Uber will invest up to $1.25 billion in electric vehicle maker Rivian as part of a deal in which the ride-hailing firm will start deploying 10,000 fully autonomous R2 SUVs as robotaxis from 2028, the companies confirmed on Thursday.
Oil prices settled higher and climbed further in extended trade after Iran attacked several energy facilities across the Middle Eastfollowing a strike on its South Pars gas field, a major escalation in its war with the U.S. and Israel.
