Brent crude climbed above $85 a barrel in London for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar.
The global benchmark crude passed the key level in intraday trading on Friday, while US crude futures also advanced. The shortage of gas and coal is triggering extra demand for oil products from the power market, and some banks expect the switch to boost prices further during winter in the northern hemisphere.
It’s also starting to deplete stockpiles: the biggest US storage hub at Cushing recorded this week an unusually large supply decline for this time of year.
