Brent crude futures were up $1.39 at $74.20 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude rose $1.44 to $70.70
Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, after reports Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
This heightens the likelihood of additional hostilities erupting before the U.S. election, SEB Research analyst Ole Hvalbye said in a note. Hvalbye said that, though the situation in the Middle East could escalate sooner than expected, both Israel and Iran seem reluctant to ignite a full-scale regional war.
“I think it will depend on who wins the U.S. election and what fiscal stimulus details, if any, come from the NPC standing committee meeting,” he added.
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