Doha: Oil prices extended their rally on Friday, climbing more than a dollar per barrel as concerns over escalating tensions in the Middle East persist. Brent crude futures, now trading for January delivery, rose by $1.31, or 1.80 percent, reaching $74.12 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures increased by $1.35, or 1.95 percent, to $70.61 per barrel, building on a 0.95 percent gain from the previous session’s close.
According to Qatar News Agency, despite these gains, prices are on track for a weekly decline of over 1 percent, struggling to recover from Monday’s 6 percent drop amid ongoing developments in the Middle East. The market remains sensitive to geopolitical events in the region, which have historically influenced oil supply concerns and price volatility.