Oil completes the most successful week since February 2023

Oil prices on Friday showed the largest weekly increase in more than a year, helped by heightened tensions in the Middle East. The current Brent quote is $78.45 per barrel, WTI is $7450. Both benchmarks showed an increase of 8-8.5% since the beginning of the week.

Traders continue to closely monitor the situation in the Middle East, especially in light of statements by U.S. President Joe Biden. He expressed the opinion that there would be no «total war» in the region, but also confirmed the discussion of the possibility of Israeli strikes on Iranian oil facilities in response to a missile attack from Tehran.

Meanwhile, ports on the east coast of the United States and in the Gulf of Mexico began to return to work after a salary agreement was reached with dockworkers and port operators. This agreement put an end to the largest shutdown in the industry in the last half century.