Wall Street ends higher
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Iran, Mojtaba Khamenei
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As Iran announced its new supreme leader, crude oil prices were soaring above $100 a barrel. They spiked near $120 before falling Monday. The Strait of Hormuz off Iran is a choke point, with about 20% of the world’s oil supply normally transiting daily. Cargo ships are now backed up there.
Crude oil prices were rising sharply at midmorning Friday, with contracts on track to end the week significantly higher. U.S. crude prices were up 9.8% at about 11 a.m. ET while Brent crude prices were about 6.