01/06/2024

On Middle East Tensions, Oil Prices Settle Higher

Brent crude futures settled up $1.17

Oil prices settled higher on Friday as U.S. Secretary of State Antony Blinken began a week-long sweep through the Middle East in an attempt to contain regional tensions stoked by the Israel-Hamas conflict.

Brent crude futures settled up $1.17, or 1.51 percent, at $78.76 a barrel. U.S. West Texas Intermediate crude futures finished up $1.62, or 2.24 percent, at $73.81.

Crude rebounded from losses on Thursday triggered by hefty increases in U.S. gasoline and distillate stocks, and both benchmarks ended the first week of the year higher.

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