The United Arab Emirates plans to double its oil export capacity that bypasses the Strait of Hormuz and aims to have a new pipeline operational by next year.

Brent crude oil prices settled at $109 per barrel, an increase of 10% for the week.

The Strait of Hormuz, a 21-mile waterway, is a chokepoint for 20% of the world's oil and gas production.

The federal tax on gasoline is $0.18 per gallon.

The futures price for crude oil for delivery at the end of the year has risen to $80 per barrel, up from approximately $70 a month ago.