Oil ends higher on fresh tensions in the Middle East, but books a sharp loss for the week

Myra P. Saefong
Oil ends higher on fresh tensions in the Middle East, but books a sharp loss for the week

Oil futures end higher on Friday, after a report Iran has seized a U.K.-flagged tanker raised the potential for disruptions to the flow of crude through the Strait of Hormuz. Prices, however, fell for the week as concerns over a slowdown in demand weighed, while U.S. production looks to soon fully recover from a recent storm-related disruption.