Crude oil futures ended higher on Friday amid optimism about the outlook for demand thanks to fairly encouraging labor market data, and on recent data showing a large drop in crude inventories. Oil prices were also supported by concerns about possible supply disruptions due to geopolitical tensions. The Middle East remains on edge after the assassination of Hamas leader Ismail Haniyeh in Tehran last week. Israel has been preparing for retaliatory strikes by Iran and the Hezbollah militia in Lebanon, though the U.S. has been working through diplomatic channels to avert an escalation of hostilities.
Benchmark U.S. crude oil futures for September delivery rose $0.65 or about 0.85% to $76.84 per barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $0.5 or about 0.63% to $79.66 per barrel on London's Intercontinental Exchange.