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The Escalating Threat of War Means Oil Prices Could Spike Higher

Photograph by Ian Forsyth/Getty Images
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Oil prices were on the way up again on Friday, as the U.S.-Iran confrontation entered precarious new territory. Brent crude was up 0.6% to $65.10 and West Texas crude was up 0.8% to $57.53.

President Donald Trump tweeted on Friday morning that he had ordered a strike on Iran in retaliation for that country shooting down an unmanned U.S. drone, but then called off the strike because a general told him it could kill 150 people. Brent crude futures had spiked 6% on Thursday after the drone was shot down.