Brent crude ends above $112, posts weekly gains exceeding 8%

Oil drilling rigs

Oil prices end Friday's volatile trading higher as the Iran conflict entered its third week with no signs of de-escalation, and the US prepared to send hundreds of additional troops to the region.

Brent crude futures for May delivery climbed 3.25% ($3.54) to $112.19 per barrel, marking the highest settlement since July 2022 and a weekly gain of 8.75%.

US crude futures for April delivery, expiring today, rose 2.25% ($2.18) to $98.32 per barrel, reducing their weekly loss to just 0.4%.

Fatih Birol, head of the International Energy Agency, warned in a Financial Times interview that restoring oil and gas flows from the Gulf could take up to six months, and policymakers and markets are underestimating the extent of supply disruptions.

 The number of oil drilling rigs in the US increased two units to 414 in the week ending March 20, according to data released Friday by Baker Hughes.