Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears. Brent crude futures fell 55 cents,

Oil futures bounced Friday morning but remained on track for hefty weekly losses, feeling pressure after a cease-fire this week between Israel and Iran-backed Hezbollah helped soothe remaining worries over a wider conflict that could threaten crude supplies.

Geopolitical tensions and potential supply disruptions are supporting oil prices, but concerns about global demand growth and OPEC+'s production decisions create uncertainty for the market.

Oil prices climbed about 1% on Friday, settling at a two-week high, as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.

Oil prices fell today, heading for a weekly drop of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts.

Oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts.