Oil climbs over $1 a barrel as expert warns of ‘day of reckoning’

Oil climbs over $1 a barrel as expert warns of ‘day of reckoning’ Crude oil futures climbed over $1 a barrel on tanker attacks and a lack of progress on a peace agreement between the US and Iran. Reuters reported that Brent futures settled at $88.52 a barrel, up $1.45, or 1.67percent. US West Texas Intermediate crude futures finished at $82.40, up $1.15, or 1.42 percent. Brent and WTI were on track for weekly gains of 6.0 percent and 5.4 percent, respectively. "We're getting a rally going into the weekend after new attacks on tankers and lack of progress on a cease-fire agreement," said Andrew Lipow, president of Lipow Oil Associates, told Reuters. A "day of reckoning" may come if traffic in the strait of Hormuz remains constrained, Lipow said. "Crude oil prices might be $80 a barrel, but diesel prices are $180 a barrel and gasoline is $130 a barrel and that's what's hitting the consumer," he added.