Oil prices rose on Friday as tensions spiked again in the Middle East after the ...
LONDON - Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Brent crude LCOc1 futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%. “The Fed backstop and the report of the U.S. Navy shooting down an Iranian drone are providing a modicum of support for oil markets amidst a very bearish landscape,” he said.
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