Oil prices rose slightly on Friday amid reports that Iran was planning a retaliatory strike on Israel from Iraq, though record U.S. oil production limited gains. Brent crude increased by 29 cents, or 0.4%, to settle at $73.10 a barrel, while WTI crude rose 23 cents, or 0.3%, to $69.49. Despite early-session gains of over $2, both benchmarks ended the week lower, with Brent down 4% and WTI down 3%. SEB Research analyst Ole Hvalbye commented that any response from Iran may likely be “restrained… primarily intended as a demonstration of strength.”
U.S. production continues to surge, with Exxon Mobil and Chevron reporting record outputs and U.S. production hitting an all-time high of 13.5 million barrels per day, according to the EIA. Further supporting prices, OPEC+ may delay a planned December production increase, with a decision potentially expected next week.