Oil prices rose on Friday and posted their biggest weekly gain in years as the Strait of Hormuz remains effectively closed for shipping traffic, raising supply fears in global markets.
Brent, the benchmark for two thirds of the world's oil, settled 8.52 per cent higher at $92.69 a barrel, while West Texas Intermediate, the gauge that tracks US crude, closed up 12.21 per cent at $90.9 a barrel.
For the week, WTI rose 35.63 per cent and
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