OIL HITS FIVE-MONTH HIGH ON MIDEAST FEARS

Brent crude settled at $109.86 a barrel on Friday, its highest level since May 19, as Middle East tensions kept squeezing supply expectations. Over the same week, Brent rose 4.9% while the US benchmark WTI surged 10.4%, more than double that pace. The gap shows traders are pricing a sharper risk premium into US crude than into the global benchmark. $USO extended its rally as the region's conflict showed no sign of cooling.