Doha: Oil prices rose by more than 1 percent at settlement on Friday, driven by developments in the Middle East. Brent crude futures gained USD 1.45, or 1.67 percent, to settle at USD 88.52 a barrel. US West Texas Intermediate (WTI) crude futures also advanced, rising USD 1.15, or 1.42 percent, to reach USD 82.40 a barrel. According to Qatar News Agency, the increase in oil prices was influenced by ongoing developments in the Middle East, which have led to concerns about potential disruptions in supply. The geopolitical situation in the region often affects global oil markets, causing fluctuations in prices as traders react to news and potential risks. For the week, Brent crude posted a gain of 6 percent, while WTI climbed 5.4 percent. These gains highlight the market's sensitivity to geopolitical tensions and the impact they can have on oil supply dynamics. As the situation in the Middle East continues to evolve, market participants will likely keep a close watch on developments to gauge potential impacts on oil prices.
