Oil drilling rigs
Oil prices rose on Friday, amid growing concerns over supply disruptions due to escalating tensions in the Middle East and intensified military escalation between Russia and Ukraine.
Brent crude futures for March delivery climbed 2.18%, or $1.35, to $63.34 per barrel, recording weekly gains of 4.26%.
Meanwhile, US WTI crude futures for February delivery rose 2.35%, or $1.36, to $59.12 per barrel, extending weekly gains to 3.14%.
This came as concerns mounted over potential disruptions to global supplies amid escalating protests in Iran and a worsening military situation in Ukraine following Russia’s strike on targets using a hypersonic missile.
At the same time, US President Donald Trump is meeting today with executives from several major oil and commodity trading companies to discuss deals related to Venezuelan oil exports.