Oil prices rose for a second consecutive day on Friday, but both major crude benchmarks remained on course for a sharp weekly decline. Brent crude futures increased by 1.31% to $99.58 a barrel, while US West Texas Intermediate rose 0.95% to $91.38. The recovery followed a major fall earlier in the week, when investors reacted to the US midterm election results and expectations that political changes could help reduce tensions in the Middle East.
Despite Friday’s gains, Brent was heading towards a weekly fall of about 12%, while US crude was also expected to lose around 12.1%. Prices dropped sharply after Democrats won control of both chambers of the US Congress. Some investors believe the change in political power could increase pressure for a reduction in the US-Israeli war with Iran, which has affected energy supplies and shipping routes.
However, concerns about security in the Gulf have limited the recovery in oil prices. Reports of further attacks on tankers in the Strait of Hormuz have raised questions about the safety of vessels carrying energy products through the region. Iran said three more tankers had been attacked on Thursday, while information from the UK’s maritime security agency suggested that incidents involving oil-carrying ships remained close to record levels.
The Strait of Hormuz is a vital route for global energy trade. A large share of oil exports from the Middle East passes through the narrow waterway, making it an important part of the international supply chain. Any disruption can affect shipping costs, delivery schedules and the amount of crude available to buyers around the world.
Market analysts described Friday’s increase as a technical recovery after the steep decline earlier in the week. They warned that prices could remain sensitive to developments in the region because the underlying security risks have not disappeared. A clearer path towards safer shipping would help reduce pressure, but further escalation could quickly push prices higher.
The oil market is therefore facing two competing forces. Expectations of reduced conflict have encouraged investors to sell crude, while concerns about tanker attacks and regional supply disruptions have supported prices. The coming days will show which factor has the stronger influence on global energy markets.
