Following U.S.President warning that the US could take military action against Iran, a major oil producer, concerns about potential disruptions to oil supplies in the Middle East increased in the markets. As a result, oil prices rose in Asian trading on Friday.
Despite some losses in previous trading sessions, expectations of improved global oil demand, heightened geopolitical tensions, and fears of supply disruptions supported prices. This led crude oil to move towards gains for the fifth consecutive week.
Furthermore, moderately positive economic data from China, the International Energy Agency raising its future demand forecast, and a weaker dollar provided additional impetus to the oil market.
