Oil futures finished higher for the session as concerns about risks to supplies in the Middle East climbed. Axios, citing two unnamed Israeli sources, reported late Thursday that Israeli intelligence suggested Iran is planning a major retaliatory strike on Israel.
“When you get reports that Iran may conduct an attack on Israel by their proxies from Iraqi soil, you can expect a move higher [in oil] on fear. Anytime you have fear of a disruption in oil supplies or more unrest in the region, prices should go higher,” said Tariq Zahir, managing member at Tyche Capital Advisors.
On Friday, an Iran official said the country has the capacity to produce nuclear weapons and is prepared to change its policies on using them if faced with an existential threat, NBC News reported.
U.S. oil prices had climbed back above $70 a barrel in electronic trading late Thursday, but pared back much of those gains by Friday’s settlement, with Zahir noting profit-taking as a possible cause.
West Texas Intermediate crude for December delivery rose 23 cents, or 0.3%, to settle at $69.49 a barrel on the New York Mercantile Exchange. Prices based on the front month ended down 3.2% for the week, according to Dow Jones Market Data. January Brent crude, the global benchmark, gained 29 cents, or 0.4%, to $73.10 a barrel on ICE Futures Europe, losing nearly 3.4% for the week.
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