Oil prices rose on friday and both major benchmarks are on track to end the week above $100 a barrel for the time since mid-may. oil prices set to end week above $100 for first time in nearly 4 months: Brent crude futures rose 81 cents, or 0.8 percent, to $108.44 a barrel by 03:45 GMT. US West Texas Intermediate crude rose 69 cents, or 0.7 percent, to $103.17 a barrel. Both benchmarks rose more than 6 percent on Thursday. On a weekly basis, the benchmarks were trading nearly 13 percent higher - the steepest gain since the week ended 17th July.

According to Emirates News Agency, the rise in oil prices comes amid market reactions to global economic indicators and geopolitical tensions. The increase marks a notable recovery in oil prices, which had seen fluctuations in recent months due to varying supply and demand dynamics. The current upward trend highlights the ongoing volatility in the oil market, driven by factors such as production cuts and economic recovery efforts in various regions.

The market's response reflects a combination of factors including supply constraints and an optimistic outlook on economic recovery. Analysts suggest that the upward movement could influence energy markets and economic strategies globally, impacting everything from consumer prices to national energy policies. The recent surge in oil prices underscores the market's sensitivity to geopolitical developments and economic forecasts.