Oil prices recorded weekly gains of more than 4%, as renewed escalation between the United States and Iran and rising geopolitical risks signalled further disruptions to crude supplies, with shipping through the Strait of Hormuz at risk of disruption.
West Texas Intermediate crude futures closed Friday's session at $71.41 per barrel, up 4%, while Brent crude futures settled at $76.01 per barrel, a gain of 5.4%.
Giovanni Staunovo, an analyst at UBS, said that the absence of any new US strikes on Iran could pare back oil prices.