Oil prices rise, post weekly gains

Oil prices settled higher in volatile trading, posting weekly gains amid concerns over Middle East supplies  

Oil prices settled higher in volatile trading on Friday, posting weekly gains amid concerns over Middle East supplies and renewed hopes that the US could return to the negotiating table.

The gains came as attacks on ships in the Strait of Hormuz continued, while US President Donald Trump left the door open to a possible return to military escalation with Iran after the midterm elections.

At the same time, Trump’s announcement of what he described as productive talks with Tehran helped ease energy market concerns. However, reports that China was preparing to resume fuel exports following a brief suspension during the Golden Week holiday supported prices.

Meanwhile, the oil market faced the effects of Hurricane Isaias in the Gulf of Mexico. Producers had shut in about 1.3 million barrels per day as of Thursday, equivalent to 62.9% of current output, according to the US Bureau of Safety and Environmental Enforcement.