Manama: Oil prices closed higher on Friday, supported by reduced fuel exports following disruptions to energy infrastructure, with both benchmark crudes set for their biggest weekly gains since mid-June. Brent crude futures rose 71 cents, or 1.02%, to settle at USD 70.13 a barrel, while US West Texas Intermediate crude futures increased 74 cents, or 1.14%, to USD 65.72 a barrel.
According to Bahrain News Agency, analysts attributed the rise to reduced refining capacity in some regions, which led to shortages of certain fuel products. Iraq’s State Organisation for Marketing of Oil (SOMO) announced the resumption of crude exports from the Kurdistan region through a pipeline to Turkey’s Ceyhan port starting Saturday, with markets closely watching its impact on global supplies.