Oil climbs as Middle East tensions offset demand worries - Reuters

Oil climbs as Middle East tensions offset demand worries - Reuters:

Oil prices rose about 1 percent on Friday after steep losses a day earlier, supported by rising tensions between the United States and Iran, even as concerns that slowing economic growth could dent global oil demand cast a cloud.

For the week, benchmark crude prices declined, having fallen sharply earlier in the week on demand worries.

Brent crude LCOc1 futures settled 54 cents higher at $62.47 a barrel. West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.

Still, WTI dropped 7% for the week and Brent lost about 5.5% for the week, the steepest losses for both benchmarks since late May.

Prices gained late in the session after Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route.