U.S. crude oil is on pace for a more than 3% gain for the week as recession fears have eased and the risk of a wider war in the Middle East that could disrupt production and transportation looms over the market.
Oil advanced this week after the stock market recovered losses from Monday’s sell-off. The S&P 500 traded slightly lower Friday after booking its best session since November 2022 in the previous session.
Here are Friday’s energy prices:
- West Texas Intermediate September contract: $76.01 per barrel, down 18 cents, or 0.24%. Year to date, U.S. oil has gained 6%.
- Brent October contract: $78.92 per barrel, down 24 cents, or 0.32%. Year to date, the global benchmark is ahead 2.43%.
- RBOB Gasoline September contract: $2.37 per gallon, down nearly 3 cents. Year to date, gasoline has advanced 12.82%.
- Natural Gas September contract: $2.15 per thousand cubic feet, up 3 cents, or 1.41%. Year to date, gas is down 14%.
The Middle East remains on edge after the assassination of Hamas leader Ismail Haniyeh in Tehran last week. Israel has been preparing for retaliatory strikes by Iran and the Hezbollah militia in Lebanon, though the U.S. has been working through diplomatic channels to avert an escalation of hostilities.
The U.S., Egypt and Qatar have demanded in a joint statement that Hamas and Israel return to the negotiating table to close a cease-fire deal in Gaza.