Crude oil futures ended higher on Friday as an escalation in tensions in the Middle East raised concerns about delay in supplies. The number of oil tankers being diverted from the Red Sea rose sharply following the air and sea strikes by the U.S. and the U.K. on the areas occupied by the Houthi rebels. Besides, oil prices also rose after customs data showed China's annual crude oil imports hit an all-time high in 2023.
Benchmark crude oil futures for February delivery rose by $0.66 or 0.9 percent to settle at $72.68 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $0.88 or 1.1 percent to settle at $78.29 a barrel on London's Intercontinental Exchange.