Oil prices fell on Friday but are potentially set for a weekly gain. Investors are balancing hurricane damage impacts on US demand with supply disruptions from geopolitical tensions.

We might even see $80/bbl Brent if markets sense the rising risk that oil supplies from the region will be materially impacted. Meanwhile, Chinese stocks are rallying on economic recovery hopes, creating significant trading opportunities across various asset classes.

Oil prices rose significantly as concerns about escalating conflicts in the Middle East threaten global crude supplies. Brent crude increased by ~5%, closing at $77.35 per barrel, amid fears of potential disruptions from Iran.

Brent crude oil has reached its highest level in over two weeks, potentially poised for its largest weekly gain since April. The recent Fed’s rate cut, and geopolitical tensions are influencing market dynamics.