Middle East Tensions Drive Oil Prices Higher

Oil prices rose by over 1% at settlement on Friday, driven by developments in the Middle East. Brent crude futures gained $1.45, or 1.67%, to settle at $88.52 a barrel. US West Texas Intermediate (WTI) crude futures also advanced, rising $1.15, or 1.42%, to reach $82.40 a barrel.

For the week, Brent crude posted a gain of 6% while WTI climbed 5.4%. The increase in oil prices comes as tensions rise in the Middle East, which has had an impact on global energy markets.