Brent Crude Settles at $116.72, Highest Since June 2022; Chevron Gains 2.9%

Brent crude rose 3.1% on Friday to settle at $116.72 a barrel, its highest level since June 2022. The benchmark was below $97 at the start of October. West Texas Intermediate gained 3.8% to $103.27, up about 14% for the month.

The surge reflects tighter global supply tied to the conflict with Iran, with Tehran saying it is prepared to respond if the U.S. and Israel resume strikes. Higher energy costs are feeding into gasoline, food and clothing prices.

Energy shares were among the few winners. Chevron rose 2.9% and ConocoPhillips gained 3.6%, while oil-sensitive sectors such as airlines and transports remain exposed to elevated fuel costs.