Oil prices rise, record weekly loss

Oil drilling rigs

Oil prices rose on Friday amid escalating geopolitical tensions, but they recorded their first weekly loss in three weeks due to trade disruptions and uncertain outlook for the US economy.

Brent crude futures for July delivery leapt 0.54%, or $0.34, to $64.78 per barrel. The US West Texas Intermediate (WTI) crude futures for July delivery also increased 0.54%, or $0.33, to $61.53 per barrel. Both contracts recorded weekly losses of 0.96% and 0.71%, respectively.

Investors are closely monitoring the fifth round of nuclear negotiations between the US and Iran amid concerns that the talks may stall.

US President Donald Trump threatened today to impose a 50% tariff on imports from the European Union starting early next month, alleging failure to reach a trade agreement with the bloc.

The US drilling rig count declined – for the fourth straight week – by eight units to 465 in the week ended May 23, according to a recent report by Baker Hughes energy services firm.