Oil posts biggest weekly gains in over a year

Brent crude futures rose 43 cents, or 0.6%, to settle at US$78.05 per barrel, while US West Texas Intermediate crude futures gained 67 cents, or 0.9%, to close at US$74.38 per barrel.

NEW YORK: Oil prices rose on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region-wide war in the Middle East, although gains were limited as US President Joe Biden discouraged Israel from targeting Iranian oil facilities.

Brent crude futures rose 43 cents, or 0.6%, to settle at US$78.05 per barrel, while US West Texas Intermediate crude futures gained 67 cents, or 0.9%, to close at US$74.38 per barrel.