Oil Prices Rise on Middle East Tensions as Gold Gains

Global oil futures edged higher on Friday, with Brent crude up 0.97% to $83.29 a barrel and U.S. West Texas Intermediate rising 0.83% to $77.93. Traders cited renewed worries about the Strait of Hormuz, where a potential Iran‑Oman transit agreement and broader regional frictions have kept markets volatile. Additional pressure came from a reported Ukrainian drone strike on a large Russian refinery and anticipation of U.S. non‑farm payroll data, which could signal future Federal Reserve rate moves.

At the same time, spot gold climbed 0.6% to $4,262.39 an ounce, marking its strongest weekly rise since January. The metal benefited from the dip in oil prices, easing inflation concerns and supporting expectations of a softer monetary stance. Analysts noted the $4,000 level as a solid support and highlighted that investors remain watchful of upcoming U.S. employment figures.