Brent crude oil futures rose 0.6% to settle at $64.13 per barrel on Friday, wrapping up a volatile week with 2% gain, as traders weighed lingering geopolitical risks against easing fears of an immediate US strike on Iran.
Prices had hit multi-month highs earlier after protests in Iran and the threat of potential military action raised concerns over disruptions to the country’s roughly 3.3 million barrels-per-day output.
Oil pared losses on Thursday when reports suggested Washington might delay intervention, though the US is still increasing its military presence in the region.
The Strait of Hormuz remains a key focus, as any blockade could impact a quarter of seaborne oil supplies, keeping a short-term risk premium in play.
Market sentiment, coupled with broader risk appetite, helped oil recover some ground after midweek losses.