Oil prices settle higher on Middle East tensions

Brent crude futures settled up US$1.17, or 1.51%, at US$78.76 a barrel. US West Texas Intermediate crude futures finished up US$1.62, or 2.24%, at US$73.81.

HOUSTON: Oil prices settled higher on Friday as US Secretary of State Antony Blinken began a week-long sweep through the Middle East in an attempt to contain regional tensions stoked by the Israel-Hamas conflict.

Brent crude futures settled up US$1.17, or 1.51%, at US$78.76 a barrel. US West Texas Intermediate crude futures finished up US$1.62, or 2.24%, at US$73.81.