WTI, Brent post small weekly gain

U.S. crude oil prices rose for the second week in a row as tensions between Israel and Iran escalated. The benchmark prices for both U.S. and global crude oil increased by more than 1%. However, maintaining this upward momentum has been challenging without additional factors driving prices higher. U.S. crude oil closed at $75.56 per barrel, while Brent closed at $79.04 per barrel on Friday. Traders are concerned that Israel’s potential retaliation against Iran could disrupt oil supplies in the Middle East. President Biden and Prime Minister Netanyahu discussed the situation, with the U.S. urging Israel to target Iranian refineries rather than oil export facilities. Analysts warn that U.S. influence over Israel’s actions may have diminished since April.