Brent crude rose 1.31% to $99.58 a barrel and WTI gained 0.95% to $91.38, but both contracts were on track to fall about 12% for the week. Tanker attacks in the Gulf and Strait of Hormuz renewed concerns about regional supply flows.
Brent crude futures for January rose $1.29, or 1.31%, to $99.58 a barrel, while U.S. West Texas Intermediate futures gained 86 cents, or 0.95%, to $91.38. Brent briefly topped $100 a barrel, and both contracts gained for a second day. Despite the rebound, Brent was set for a 12% weekly decline and WTI for a 12.1% drop.
Oil prices fell 8% on Wednesday to two-month lows amid expectations that U.S. midterm election results could lead to de-escalation of the U.S.-Israeli war against Iran. Prices later rebounded after tanker attacks in the Gulf and Strait of Hormuz renewed concerns about supply flows. Iran said three more tankers had been attacked on Thursday, while UKMTO data suggested attacks on oil-carrying ships remained close to a record pace.
KCM chief analyst Tim Waterer called Friday’s rise a “technical recovery” after the steep selloff, saying the supply problem had not disappeared. He said oil was likely to remain supported on dips and prone to sharp moves until there was a credible path to safer, cheaper transit through the Gulf.
