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Crude oil futures end significantly higher on Friday

06 Jan 2024 Evaluate

Crude oil futures recouped previous session’s losses and ended significantly higher on Friday with gains of over one and half a percent amid ongoing fears of an escalation of the Israel-Hamas war into a broader regional conflict. Attacks by Yemen's Houthi rebels against merchant shipping in the Red Sea as well as a U.S. airstrike that killed top leader of an Iran-backed terrorist group in Iraq added to the concerns.

Benchmark crude oil futures for February delivery surged by $1.62 or 2.2 percent to settle at $73.81 a barrel on the New York Mercantile Exchange. Brent crude for March delivery rose by $1.17 or 1.51 percent to settle at $78.76 a barrel on London's Intercontinental Exchange.