Threats in the Red Sea continued after a missile fired from Yemen hit an oil tanker heading to India (Getty)

Oil prices rose at the close on Friday after geopolitical tensions in the Middle East overshadowed the forecasts of the International Energy Agency, which warned of a slowdown in demand.

Brent crude futures rose 61 cents, or 0.74%, at settlement at $83.47 per barrel. US West Texas Intermediate crude futures also rose $1.16, or 1.49%, to $79.19 per barrel.

Brent rose by more than 1% by the end of the week, while US crude rose by about 3%.

Prices received support due to the increasing risk of a broader conflict in the Middle East.

Lebanese Hezbollah said Thursday that it fired dozens of rockets at a town in northern Israel in an "initial response" to the killing of 10 civilians in southern Lebanon, the largest number of civilians killed in one day during 4 months of clashes on both sides of the border.

Threats continued in the Red Sea after a missile fired from Yemen hit an oil tanker heading to India.

US crude gained 3% by the end of the week (Reuters)

The British Maritime Trade Operations Authority and the British maritime security company Ambrey said on Friday that a ship was attacked by a missile in the Red Sea, 72 nautical miles northwest of the port of Mokha, off the coast of Yemen.

Ambry reported, "A tanker flying the Panama flag was targeted by a missile. An explosion occurred in its vicinity, resulting in minor damage. We received a report stating that its crew was not harmed."

While the Houthi group claimed responsibility for the attack.

Producer prices in the United States rose more than expected in January, which could exacerbate fears of inflation rising again.

The International Energy Agency said yesterday, Thursday, that the growth of global oil demand is slowing, and it reduced its growth expectations in 2024.

While the Organization of the Petroleum Exporting Countries (OPEC) - last Tuesday - stuck to its expectations for relatively strong growth in global oil demand in 2024 and 2025, and raised its expectations for economic growth in both years, saying that there are possibilities for further rise.

OPEC said in a monthly report that global demand for oil will rise by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025.

Source: Reuters + websites