Oil futures for Brent rose $1.43 and WTI rose $1.42 on Friday, with Brent crude settling at $81.07 per barrel and WTI crude settling at $77.07 per barrel, its highest level since April 25. The price surge was supported by indications of tightening oil supplies in the latter half of 2023 and escalating tensions between Russia and Ukraine, which could further impact supplies. Additionally, investors responded positively to China’s stimulus measures aimed at revitalizing its economy, while concerns about the global oil supply and demand balance persist.