Oil Price Reversal Boosts Bitcoin But Chevron Warns of Rising Risk

Brent crude oil prices surged to $109.97 per barrel on Friday before reversing and settling at $104.61, while West Texas Intermediate finished at $100.05.

Despite the pullback, Brent still gained more than 8% for the week as Middle East supply disruptions kept energy markets under pressure.

The sharp reversal in oil prices gave risk assets some breathing room, and Bitcoin responded positively to the retreat, rising roughly 0.9% on Friday and closing near $77,200 after briefly falling toward $76,100.

However, Chevron CEO Mike Wirth warned that global crude inventories and emergency supply buffers have been depleted, potentially leaving markets more vulnerable to another surge in oil prices.