WTI Rebounds After 4-Day Slide on Middle East Concerns

WTI crude oil futures rose 0.7% to settle at $60.90 per barrel on Friday, rebounding slightly after four consecutive sessions of losses, but still marking a 7% weekly decline.

The gains came as US President Donald Trump warned of severe consequences if Hamas rejects his plan to end the war in Gaza, overshadowing an upcoming OPEC+ decision on crude supplies.

Futures traded as high as $61 a barrel following a recent five-month low, reflecting concerns that a broader conflict could disrupt Middle East flows, which account for about one-third of global oil supplies.

Ukraine’s reported attack on Russia’s Orsk refinery kept traders focused on Russian energy flows amid ongoing infrastructure strikes.

Despite these geopolitical risks, oil prices have slipped over the past four days, with expectations that OPEC+ may accelerate supply hikes adding pressure.

Rising output from OPEC+ and a potential US government shutdown continue to weigh on the market, offsetting short-term geopolitical tensions