Crude oil futures ended lower on Friday on profit taking after crude oil prices reached their highest levels in two months. Despite the decrease on the day, the price of crude oil recorded its third straight weekly gain, jumping by 1.0 percent for the week amid concerns about Middle East tensions. Cross-border strains between Israel and Lebanon's Hezbollah have escalated in recent weeks, raising concern that the Israel-Hamas war in Gaza may spread throughout the Middle East.
Benchmark U.S. crude oil futures for August delivery fell $0.28 or about 0.34% to $81.46 per barrel on the New York Mercantile Exchange. However, Brent crude for August delivery added $0.02 or 0.02% to $86.41 per barrel on London's Intercontinental Exchange.