U.S. Oil Prices Rise Back Above $80 a Barrel

Dow Jones03:15

U.S. oil prices extended their summer rally and ended the week 16% higher at $82.49 a barrel, as producers from the Middle East to West Texas bet against the Strait of Hormuz returning to normal soon.

Iraqi leaders traveled to the U.S. in pursuit of oil production and pipeline deals. Meanwhile, U.S. oil drillers deployed seven additional rigs to bring the total to 452, up 11% since early May, according to oilfield services firm Baker Hughes.

-- Gasoline prices have risen even more than prices of crude oil since fighting choked off Persian Gulf supplies, because of lower inventories. RBOB gasoline futures ended Friday at $3.3927 a gallon in New York, their highest prices since late May.

-- Diesel futures added 14% this week, while national average retail prices rose back above $5 a gallon. Rising prices for the fuel that powers trucks, farm machinery and construction equipment threaten to rev up inflation.

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