Crude oil futures closed marginally higher on Friday, amid rising geopolitical uncertainty, as Iran and US exchanged missile strikes this week, while Israel’s defense minister threatened ‘crippling’ attacks on Iran’s infrastructure, including energy facilities. Adding to the uncertainty, US Vice President JD Vance said the US does not plan to hold peace talks with Iran until it stops attacking ships in Hormuz.
Benchmark crude oil futures for October delivery increased by $0.18 or 0.20% to settle at $91.48 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained by $0.76 or 0.80% to settle at $96.28 a barrel on the New York Mercantile Exchange.