US-Iran Standoff Sends Oil Prices Higher Amid Fresh Economic Data
Oil prices rose on Friday as markets closely monitored tense US-Iran negotiations and weighed fresh economic data that could influence expectations for a Federal Reserve interest-rate cut next month.
The stalled talks aimed at ending the conflict with Iran have kept geopolitical risks elevated, raising the prospect of further pressure on energy markets. The United States has threatened to intensify economic measures against Tehran, including potentially extending a naval blockade.
Brent crude futures rose 0.7% to $87.68 a barrel, while US crude gained 0.3% to $81.49 a barrel.
Kyle Rodda, a strategist at Capital.com, said markets had ended the week on a positive note as economic and trade risks eased somewhat, but warned that geopolitical tensions could intensify heading into the weekend.