Oil Prices Are Surging

Carrier Group

Photo: wikipedia commons

Crude oil prices blasted higher this morning as the Western nations found themselves at another impasse with Iran and continued Europe sluggishness prompted calls for further stimulus.WTI crude oil contract prices were up 4.9 per cent to reach $87.99, while Brent moved to $101.30, a 4.1 per cent gain.

Earlier today, the U.S. announced it had beefed up its presence in the Gulf in response to Iran’s threats it would shut the Strait of Hormuz.

Meanwhile, the AP reported central banks around the world are expected to act Thursday to shore up the global economy.

Halliburton and Schlumberger were both up more than 2 per cent, while Chevron was up 1.3 per cent.

oil price chart

Photo: FinViz

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