NEW YORK / Content Syndication Services / — Oil prices rebounded Friday as Brent crude futures rose to $104.96 per barrel in early trading, recovering from sharp losses in the previous session and returning attention to volatility across global energy markets. Brent gained $2.38, or 2.3 percent, by 00:34 GMT, while U.S. West Texas Intermediate crude futures climbed $1.73, or 1.8 percent, to $98.08 per barrel.
The advance followed a Thursday session in which both major benchmarks fell about 2 percent and closed at their lowest levels in nearly two weeks. The early Friday recovery reflected renewed buying after that decline, with market focus remaining on benchmark crude contracts that are used globally by refiners, producers, traders, airlines, shipping companies and governments to price fuel and manage energy costs.
Brent, the main international oil benchmark, is widely used for crude shipments tied to Europe, Africa and the Middle East, while West Texas Intermediate is the principal U.S. benchmark. Both contracts are watched closely because crude prices influence fuel costs, transport expenses, inflation readings and corporate energy bills across major economies, particularly when daily price swings are large.
Benchmarks recover after losses
Later in the session, Brent settled at $103.54 per barrel, up 94 cents, or 0.9 percent. West Texas Intermediate settled at $96.60 per barrel, up 25 cents, or 0.3 percent. The settlements kept both contracts below their early intraday levels but confirmed a positive finish after the previous day’s selloff, extending a week marked by wide moves in crude futures.
Despite Friday’s gains, both benchmarks ended the week lower. Brent recorded a weekly decline of 5.48 percent, while West Texas Intermediate fell 8.37 percent for the week. The weekly losses showed that the late rebound did not erase earlier declines, with crude prices remaining below recent highs after several sessions of rapid movement across the oil market.
Supply focus remains central
Oil market attention remained on supply routes, inventories and benchmark pricing after recent volatility. The Strait of Hormuz, a major passage for seaborne oil and petroleum products, continued to feature in market coverage because of its role in global energy trade. OPEC+ also remained part of the broader supply backdrop after recent production decisions by the group’s oil-producing members.
The U.S. Energy Information Administration has described crude oil as a core input in transport fuels and a major component of gasoline costs, making benchmark price movements relevant beyond commodity markets. Friday’s rebound placed Brent back above $100 per barrel during the session, while the final settlement showed a smaller but confirmed gain at the close.