Oil prices went up on Friday, with Brent crude futures rising 22 cents to USD 79.38 per barrel and U.S. West Texas Intermediate crude futures increasing by 26 cents to USD 76.45 per barrel. This marks a weekly gain of more than 3% for both types of crude.

Analyst Ashley Kelty from Panmure Liberum mentioned that positive job data in the U.S. has improved sentiment. There were fewer new unemployment claims than expected, which has raised hopes for continued U.S. growth and lessened concerns about a recession. 

Recent data showed that the number of Americans filing for unemployment benefits decreased more than anticipated last week, easing concerns about the labour market and the recession. When the dollar is strong, oil prices tend to drop. This is because buyers of other currencies must pay more for oil priced in dollars.

Israeli forces carried out more airstrikes in the Gaza Strip on Thursday, resulting in the deaths of at least 40 people, according to Palestinian medics. These attacks were part of ongoing confrontations with Hamas-led militants.

According to ANZ analyst Daniel Hynes, crude oil prices have been recovering from a recent drop due to heightened geopolitical risks. Over the past month, protests have been occurring in many cities across Serbia.

The recent killing of senior members of militant groups Hamas and Hezbollah has raised concerns about possible retaliatory strikes by Iran against Israel. This has led to worries about oil supply from the world’s largest-producing region.

In addition, Iran-aligned Houthi militants have been attacking international shipping near Yemen in support of Palestinians in the conflict between Israel and Hamas.

Further supporting oil prices, Libya’s National Oil Corporation declared force majeure or compulsory implication at its Sharara oilfield on Wednesday. The corporation reported that the field’s output had steadily decreased due to protests.

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