Oil prices clinch weekly gain on supply disruptions amid geopolitical tensions

Oil prices settled lower on Friday, with U.S. crude futures down 0.9% at $73.41 and Brent settling at $78.56 a barrel. Despite the daily decline, both ended the week in positive territory. Middle East tensions and a healthier demand outlook, fueled by companies diverting cargoes around Africa due to regional conflicts, supported prices. U.S.-led clashes with the Iran-backed Houthi group and conflicts between Iran and Pakistan heightened concerns. Unexpectedly low U.S. crude inventories, cold weather disruptions, and a bullish outlook from the International Energy Agency also contributed to weekly gains. However, weak global economic growth and UK retail sales slump remain concerns.

Original Article: Oil prices clinch weekly gain on supply disruptions amid geopolitical tensions