Brent crude oil surged above $110 a barrel on Friday for the first time since May, driven by concerns that escalating tensions in the Middle East could further restrict supply. The international benchmark closed 3.7% higher at $109.86 per barrel, while U.S. crude prices topped $101.
In the retail sector, clothing company True Religion is considering strategic alternatives, including a potential full or partial sale that could value the brand at close to $1 billion. The denim-focused retailer is currently owned by private equity firm ACON Investments.
In corporate developments, Netflix’s stock declined nearly 3% following the announcement that Bela Bajaria, the company’s chief content officer, will be succeeded by Peter Rice, a former executive at Disney.
In the airline industry, Air Canada and United Airlines announced plans to introduce new routes between the United States and Canada next summer as part of an expanded cooperative partnership.
Shares of DraftKings and Flutter Entertainment, the parent company of FanDuel, fell after the National Basketball Association (NBA) announced a ban on certain types of bets for the upcoming season.
These developments reflect shifting dynamics in oil markets influenced by geopolitical risks, ongoing changes in retail ownership strategies, corporate leadership adjustments, expanded air travel connectivity, and regulatory changes affecting sports betting companies.