Oil Prices Surge Toward $90 as Middle East Tensions Escalate

Oil prices surged again on Friday, putting crude on track for its biggest weekly gain in years as disruptions to Middle East supply and tanker traffic through the Strait of Hormuz rattle global energy markets. Brent crude was trading above $88 per barrel in early trading, up more than 4% on the day, while U.S. benchmark West Texas Intermediate climbed to roughly $85.90 per barrel, gaining more than $4.80. Murban crude — a key Middle Eastern benchmark — was approaching the $100 mark at $99.60 per barrel. The rally caps a week in which…