Benchmark U.S. crude prices reached a seven-year on Friday and capped a seventh-consecutive week of gains against a backdrop of mounting demand, economic momentum and global supply uncertainty.

West Texas Intermediate (WTI) oil eclipsed $92/bbl, the highest level since October 2014 and up more than 20% this year – after rebounding 40% in 2021. Brent crude, the international benchmark, topped $93 on Friday and was also up about 20% through the first five weeks of 2022.

Global demand is steadily climbing as economies around the world rebound from the pandemic, with governments emphasizing vaccines over travel restrictions amid outbreaks this winter of the coronavirus Omicron variant.

In the United States, the Department of Labor on Friday said employers added 467,000 jobs...