2024.04.1919:15:00UTC+00Oil Futures Settle Higher For The Day, But Shed About 3% In Week

Oil prices moved higher on Friday as geopolitical tensions rose following Israel's retaliatory attack on Iran. However, the upside for the commodity was just modest as reports said the attack did not cause much damage.

West Texas Intermediate Crude oil futures for May ended higher by $0.41 at $83.14 a barrel. WTI crude futures shed about 3% in the week.

Brent crude futures gained about 0.3% to $87.33 a barrel.

Oil prices surged higher amid fears of a widening conflict and potential disruptions to oil supply following Israel's attack on Iran, but gave up much of their early gains as Iranian officials "downplayed" the attack by Israel near the city of Isfahan.

Iran's state-run media said the explosions heard in Isfahan were the result of the activation of Iran's air defense systems. The agency also said the nuclear facilities in Iran's central Isfahan province are completely safe.

The International Atomic Energy Agency (IAEA) also confirmed that there has been no damage to Iranian nuclear sites as a result of the Israeli strike confirmed by U.S. officials.

A report from Baker Hughes showed oil rig count in the U.S. rose by 5 to 511 in the week. The report said the total oil and gas rig count in the U.S. rose by 2 to 619 in the week to April 19.