Oil at Two-Week High After U.S.-China Reach Partial Trade Deal
- Agreement marks the largest breakthrough in 18-month trade war
- Iran said missiles struck one of its tankers in the Red Sea
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Oil jumped to the highest in two weeks after the U.S. and China reached a partial agreement following trade talks and as an Iranian oil tanker was struck.
Futures in New York climbed 2.2% on Friday and the global benchmark Brent closed above $60 a barrel for the first time in nearly two weeks. The U.S. and China reached a partial agreement Friday that would broker a truce in the trade war. Further adding fuel to the oil rally, a National Iranian Tanker Co. ship caught fire after a blast off the coast of Saudi Arabia.