Abu dhabi: Oil prices rose at settlement Friday influenced by renewed escalation between the United States and Iran in the Middle East. Brent crude futures were at $101.29 a barrel, up 1.23%, after jumping as much as 3% earlier in the session. Meanwhile, the price of West Texas Intermediate (WTI) crude oil futures settled at $95.42 per barrel, up 61 cents, or 0.64%.

According to Emirates News Agency, the tensions between the United States and Iran have once again shifted the dynamics in the oil market. This geopolitical development has led to increased buying activity in the oil futures market, causing prices to climb. The ongoing situation has traders and investors closely monitoring the region, anticipating potential impacts on the global oil supply chain.

The rise in oil prices reflects market participants' concerns over the stability of oil supplies in the Middle East. Any disruptions in this critical region could have significant implications for global oil availability and pricing. As the situation unfolds, stakeholders in the energy sector are keeping a vigilant eye on further developments between the two nations.