Magnifying its recent gains, crude oil futures ended higher on Friday amid supply worries due to geopolitical tensions. On the geopolitical front, Iran vowed to retaliate against Israel's strike on the Iran embassy in Damascus, Syria earlier in the week. Ongoing Ukrainian attacks on Russian refineries also continued to raise concerns about supplies. Israel has reportedly closed 28 embassies around the world amid fears of retaliatory strikes from Iran. The decision of the Organization of the Petroleum Exporting Countries and allies to keep the group's production cuts in place continued to support oil prices. Meanwhile, a report from Baker Hughes said the oil rig count in the U.S. rose by two to 508 this week.
Benchmark crude oil futures for May delivery rose $0.32 or about 0.37% to settle at $86.91 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $0.52 or 0.57% to $91.17 per barrel on London's Intercontinental Exchange.