Oil drilling rig
Oil prices rose on Friday and were set for weekly gains as renewed concerns over potential disruptions to Middle East energy supplies followed escalating clashes between the United States and Iran this week. 
Brent crude was on track to gain nearly 6% for the week, while US West Texas Intermediate (WTI) crude was up about 5% from last Friday’s close, according to Reuters.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent (September delivery)
76.48
+0.18
+0.25%
WTI (August delivery)
72.22
+0.14
+0.20%
As of 7:56 a.m. KSA time.
As of 07:56 am KSA time, Brent crude for September delivery rose 18 cents, or 0.25%, to $76.48 a barrel, while WTI crude for August delivery gained 14 cents, or 0.20%, to $72.22 a barrel.
Vandana Hari, founder of Vanda Insights, said prices had eased from their mid-week highs, but the geopolitical risk premium remained largely intact as shipping traffic through the Strait of Hormuz continued to slow.
Meanwhile, Daniel Hynes, Senior Commodity Strategist at ANZ, said markets had drawn some reassurance from the U.S. administration’s decision to avoid targeting Iran’s energy infrastructure, despite intensifying attacks on Iranian military sites.
Markets are also awaiting data from Baker Hughes on the US oil and gas rig count, due later on Friday, for fresh signals on the outlook for US energy supplies.
Oil drilling rig
Oil prices rose on Friday and were set for weekly gains as renewed concerns over potential disruptions to Middle East energy supplies followed escalating clashes between the United States and Iran this week.
Brent crude was on track to gain nearly 6% for the week, while US West Texas Intermediate (WTI) crude was up about 5% from last Friday’s close, according to Reuters.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent (September delivery)
76.48
+0.18
+0.25%
WTI (August delivery)
72.22
+0.14
+0.20%
As of 7:56 a.m. KSA time.
As of 07:56 am KSA time, Brent crude for September delivery rose 18 cents, or 0.25%, to $76.48 a barrel, while WTI crude for August delivery gained 14 cents, or 0.20%, to $72.22 a barrel.
Vandana Hari, founder of Vanda Insights, said prices had eased from their mid-week highs, but the geopolitical risk premium remained largely intact as shipping traffic through the Strait of Hormuz continued to slow.
Meanwhile, Daniel Hynes, Senior Commodity Strategist at ANZ, said markets had drawn some reassurance from the U.S. administration’s decision to avoid targeting Iran’s energy infrastructure, despite intensifying attacks on Iranian military sites.
Markets are also awaiting data from Baker Hughes on the US oil and gas rig count, due later on Friday, for fresh signals on the outlook for US energy supplies.
