Oil prices closed higher on Friday, rising 2.25% to settle at $76.05 per barrel for Brent crude and 2.27% to $71.78 for U.S. West Texas Intermediate (WTI) crude. These gains contributed to a 4% weekly increase for Brent and a 3.7% rise for WTI. Investors assessed geopolitical risks from the ongoing Middle East conflict and upcoming U.S. election, both adding to market uncertainty.
Phil Flynn, senior analyst at Price Futures Group, noted that markets appear to be in a holding pattern until there is more clarity on Israel’s conflict and the election’s impact. Additionally, increased global investments in the U.S. dollar and expectations of volatility ahead of elections in both the U.S. and Japan are influencing investor behavior.