Prices of oil futures rose further on Friday, as concerns over tight supply continue to mount, with the West still firmly standing behind its decision to work towards completely banning Russian oil sources.
Meanwhile, the energy crisis on the European continent has been worsening, as German officials warned that gas rationing is one step away.
West Texas Intermediate (WTI) for settlements in August jumped 4.14% to sell for $108.44 per barrel at 10:57 am ET, while Brent for deliveries in the same month surged 3.32%, going for $113.69 per barrel a minute later.
