Though oil prices have surged this week on geopolitical tensions, they have risen from a low baseline.

In a single day, the cost of crude oil jumped by 5%, following a speech from US President Joe Biden, who suggested that Israel might target Iranian oil facilities. As a result, the price of OPEC oil climbed to 74.

Brent for December settlement was 0.1% lower at $77.58 a barrel at 1:20 p.m. in Singapore.

During a visit, when asked whether Joe Biden would support Israel targeting Iran's oil facilities, he replied,

West Texas Intermediate (WTI) Oil price continues to rise for the fourth consecutive day, holding firm with strong weekly gains, trading around $73.50 per barrel during Friday's Asian session.

LONDON :Oil prices were on track for weekly gains of 9 per cent as investors feared a wider Middle East conflict could disrupt crude flows after President Joe Biden said the United States was discussing an Israeli attack on Iranian oil facilities.Brent crude futures were up 66 cents, or 0.85 per cent at $78.2

Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market. Brent crude futures were up 9 cents, or 0.12 per cent, to $77.71 a barrel

Growing concerns of a retaliation by Israel affecting Iran's oil production pushed crude oil futures more than 5% higher Thursday, powering gains for oil-related stocks.