Oil prices remain volatile due to threats to supplies through the Strait of Hormuz.
On November 6, oil prices rose slightly amid expectations that tensions regarding a potential conflict with Iran might ease following the defeat of U.S. President Donald Trump’s party in the elections.
At the same time, risks to oil supplies from the Middle East, stemming from the ongoing conflict, continue to weigh on the market.
On Friday, Brent crude futures for January delivery rose by $1.29, or 1.31%, to $99.58 per barrel as of 05:04 GMT.
U.S. West Texas Intermediate (WTI) crude increased by 86 cents, or 0.95%, to $91.38 per barrel. During morning trading, Brent prices briefly surpassed the $100-per-barrel mark.
Tim Waterer, chief analyst at KCM, described Friday’s gains as a "technical rebound" following a sharp sell-off triggered by the U.S. election results.
On November 6, oil prices rose slightly amid expectations that tensions regarding a potential conflict with Iran might ease following the defeat of U.S. President Donald Trump’s party in the elections.
At the same time, risks to oil supplies from the Middle East, stemming from the ongoing conflict, continue to weigh on the market.
On Friday, Brent crude futures for January delivery rose by $1.29, or 1.31%, to $99.58 per barrel as of 05:04 GMT.
U.S. West Texas Intermediate (WTI) crude increased by 86 cents, or 0.95%, to $91.38 per barrel. During morning trading, Brent prices briefly surpassed the $100-per-barrel mark.
Tim Waterer, chief analyst at KCM, described Friday’s gains as a "technical rebound" following a sharp sell-off triggered by the U.S. election results.