NEW YORK — (CNN) At the end of a brutal week, oil prices surged Friday morning — jumping back above $31 a barrel.

Prices rose 4.2% Thursday to settle at $29.53 a barrel. That was the biggest one-day percentage gain since October 28.

Stock markets around the world responded as commodities and energy shares shot higher. Asian markets were buoyed by the Nikkei, which jumped 5.8%. The Hang Seng closed 2.9% higher, while shares in Shanghai rose 1.2%.

In Europe, the main indexes jumped between 2% and 3%.

Shell is up 6% and BP is up 4% in London trading.

Still, oil prices are still down about 20% this year and 73% below the June 2014 peak of $107.73.

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