Oil prices rise as Blinken begins week-long sweep through the Middle East

Oil prices rose on Friday as U.S. Secretary of State Antony Blinken began a week-long sweep through the Middle East in an attempt to contain regional tensions stoked by the Israel-Hamas conflict.

Brent crude futures settled up $1.17, or 1.51 per cent, at $78.76 a barrel while U.S. West Texas Intermediate crude futures finished up $1.62, or 2.24 per cent, at $73.81.

Both benchmarks are on track to end the first week of the year higher, rebounding from losses on Thursday triggered by hefty increases in U.S. gasoline and distillate stocks.