Crude oil futures settled higher on Friday, lifting the WTI Crude futures to a 11-week high, due to concerns about potential supply disruptions amid rising tensions in the Middle East offset a weak demand outlook for oil. The growing risk of a wider conflict in the Middle East supported crude prices. According to reports, Gaza's largest functioning hospital was under siege on Friday in Israel's war with Islamist group Hamas, as warplanes struck Rafah, the last refuge for Palestinians in the enclave.
Benchmark crude oil futures for March delivery rose $1.16 or 1.49% to settle at $79.19 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $0.51 or 0.63% to $83.87 per barrel on London's Intercontinental Exchange.