WASHINGTON (dpa-AFX) - Oil futures settled notably higher on Friday as an escalation in tensions in the Middle East raised concerns about delay in supplies.
The number of oil tankers being diverted from the Red Sea rose sharply following the air and sea strikes by the U.S. and the U.K. on the areas occupied by the Houthi rebels.
Oil prices also received some support after customs data showed China's annual crude oil imports hit an all-time high in 2023.
West Texas Intermediate Crude oil futures for February ended higher by $0.66 or about 0.9% at $72.68 a barrel, coming off a high of $75.25 a barrel.
However, the contract shed about 1.1% in the week.
Brent crude futures settled at $78.29 a barrel, gaining $0.88 or about 1.1%.
'The price jump came as the US and UK launched strikes against Houthi targets in Yemen, raising the risk of broadening the conflict in the region and disrupting oil supplies,' says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA. 'Despite today's moves, there's clearly still a view that the risk of a significant disruption is small or prices would be much higher. Still. they will remain sensitive to further developments,' he adds.
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