Oil Prices Rebound: Brent and WTI Up on Economic Optimism and Middle East Tensions
Oil prices increased on Friday, with both Brent and WTI futures up by around 0.4%, as economic optimism and supply concerns drove the market higher.
US Treasury Secretary Janet Yellen expressed confidence in US economic growth and potential revisions to Q1 GDP, while supply concerns persisted due to ongoing conflicts in the Middle East.
For the week, Brent gained 2.3% and WTI rose 0.8%.
The US economy may have grown faster than indicated by weak first-quarter data, according to Janet Yellen.
The data showed a slowdown in economic growth, and investors had anticipated the Federal Reserve would not lower interest rates until September due to rising inflation.
Oil prices were also affected by supply concerns and geopolitical tensions in the Middle East.
Israel intensified airstrikes on Rafah in the Gaza Strip, planning to evacuate civilians before launching a full assault, despite warnings of potential mass casualties.