Oil prices posted a weekly again as hopes for a ceasefire in the Israel-Hamas war appeared to fade.
Crude prices inched higher Friday with the West Texas Intermediate contract for March adding 62 cents to settle at $76.84 a barrel. The Brent contract settled at $82.19 a barrel, up 56 cents.
Based on their settle prices, both U.S. crude and the global benchmark finished out the week higher by more than 6% as the conflict in the Middle East drags on with no end in sight.
Israel is pressing ahead with its war in Gaza, bombarding the southern city of Rafah on the Egyptian border after Prime Minister Benjamin Netanyahu rejected Hamas' proposed terms for a ceasefire.
The Hurricane season is on. Our meteorologists are ready. Sign up for the NBC 6 Weather newsletter to get the latest forecast in your inbox.
And the U.S. killed a senior militant leader in a drone strike in Baghdad this week, raising tensions with the government of Iraq, a major oil producer.
Oil often pops on tensions in the Middle East, but prices have struggled to break out of a range as the conflict has not led to a substantial disruption of crude supplies so far.
Money Report
Supply and demand fundamentals have also weighed on prices in recent months, as record U.S. production and a faltering economy in China have some traders worried that the market is oversupplied.
But crude prices found support this week after the U.S. Energy Department forecast that production in the U.S. will grow at a slower pace this year than originally expected. The department expects a slight global supply deficit this year.
Don't miss these stories from CNBC PRO:
- Forget 'FANG' and 'Magnificent 7,' the new hot portfolio is 'MnM,' says Raymond James
- Walmart just split its stock. History shows what will happen next with the megacap
- Alibaba, ASML and more: Jefferies reveals its 'highest-conviction' stocks to buy — and one has 118% upside
- Tesla is one of the most oversold stocks in the S&P 500 and could be due for a bounce
