Oil prices settled higher at the end of trading on Friday, with the global benchmark Brent crude recording gains for the fifth consecutive week. The market movements followed a statement from the U.S. Department of Defense (Pentagon) indicating that it is sending more military personnel and ships to the Middle East.
The news from the Pentagon has heightened investors' perceptions of increasing geopolitical risks in the region, driving demand for relatively safe oil and boosting prices throughout the week. No additional details were provided regarding the size of the reinforcements or their arrival schedule in the statement released by the department.