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West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday. Brent crude, the international benchmark, advanced 1.7% to $83.32 per barrel.
Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.
WTI is on track for its seventh straight positive week, its longest weekly winning streak since December 2013.
