NEW YORK, Oct 4 – Oil prices rose on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region-wide war in the Middle East, although gains were limited as U.S. President Joe Biden discouraged Israel from targeting Iranian oil facilities.
Brent crude futures rose 43 cents, or 0.6%, to settle at $78.05 per barrel, while U.S. West Texas Intermediate crude futures gained 67 cents, or 0.9%, to close at $74.38 per barrel.
The Lebanon and Israel bombing events had oil analysts warning clients of the potential ramifications of a broader war in the Middle East.
Oil prices jumped nearly 2% during the session but pulled back sharply after Biden said that if he were in Israel’s shoes he would consider alternatives to striking Iranian oil fields.
On Thursday, oil benchmarks surged over 5% after Biden confirmed the U.S. was in talks with Israel over whether it would support a strike on Iranian energy infrastrucutre.
On a weekly basis, Brent crude gained over 8%, the most in a week since January 2023. WTI gained 9.1% week-over-week, the most since March 2023.
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