Oil Prices Rise Sharply on Supply Concerns and Diplomacy

Global energy markets experienced a volatile trading session on Friday as investors balanced persistent supply anxieties against the potential for renewed diplomatic efforts. Despite the intraday fluctuations, benchmark prices concluded the week with significant gains. Brent Crude Oil futures settled at $105.33 a barrel, up 26 cents or 0.3%, while West Texas Oil futures ended at $94.40 a barrel, a decline of $1.45 or 1.5%. Over the course of the week, Brent surged by approximately 16%, with WTI rising nearly 13%.