Unrest fueling surge in crude oil prices

Oil prices jumped above $62 a barrel Friday and gasoline futures continued to surge as unrest in the Middle East and Nigeria helped vault front-month crude prices to their highest level since December.

Light, sweet crude for May delivery gained 59 cents to settle at $62.28 on the New York Mercantile Exchange, after earlier climbing as high as $62.65. The rise follows a surge of more than $2 on Thursday, after U.S. government figures showed refineries are boosting crude usage to make gasoline and other products.

The May contract for Brent crude added 67 cents to $63.18 a barrel on London’s ICE Futures exchange.

On Friday, U.S. and British officials said Iranian naval vessels seized 15 British sailors and marines in disputed Persian Gulf waters off the coast of Iraq. The detentions come at a time of high tension between the West and Iran, which accused the British of intruding on its territory.