Crude oil prices spiked above $92 a barrel Friday.
Why? Tensions in the Middle East and renewed concerns about supply.
The United States announced new sanctions against Iran on Thursday, and a confrontation between the world's largest oil consumer and its fourth largest oil producer could upend markets.
Also, a threatened incursion by Turkish armed forces into Iraq would cut oil supplies out of northern Iraq. Turkey has warned it will decide whether to cross into Iraq in pursuit of Kurdish guerrillas regardless of U.S. objections.
On Thursday, Organization of Petroleum Exporting Countries Secretary General Abdalla el-Badri told The Wall Street Journal Asia the cartel is not in discussions to boost production by 500,000 barrels.
For more, check out this AP story by Pablo Gorondi.
-- Jaime Holguin