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Brent crude futures were up 71 cents, or 0.89%, to $80.10 a
barrel at 1140 GMT ahead of Friday's earlier 1230 GMT close
ahead of the Christmas holiday weekend.
U.S. West Texas Intermediate crude futures were up 81 cents, or
1.1%, at $74.70 a barrel. At its intra-day peak, WTI traded $1
higher than Thursday's close.
Both Brent and WTI futures were on track for a near 5%
week-on-week gain, buoyed by rising geopolitical risks due to
the Red Sea attacks and potential disruptions to shipping
operations.
More maritime carriers are avoiding the Red Sea due to attacks
on vessels carried out by the Houthi militant group, which says
it is responding to Israel's war in Gaza. The attacks have
caused global trade disruptions through the Suez Canal, which
handles about 12% of worldwide trade.
The United States on Tuesday launched a multinational operation
to safeguard commerce in the Red Sea, but the Houthis said they
would continue to carry out attacks.
"The longevity of impact on prices is completely dependent on
the length of time that shipping companies continue to steer
clear of the area. What has exaggerated such impact is the lack
of clarity on how, where and when the so-called naval coalition
will turn up," PVM analyst John Evans said.
Despite the geopolitical tensions supporting oil, prices
recorded day-on-day declines on Thursday as Angola announced it
would leave OPEC.
The African nation - which produces around 1.1 million barrels
per day of oil - said its membership of the organisation was not
serving its interests, having protested against the decision by
the wider OPEC+ group to reduce Angola's output quota for 2024.
"This course of action has been rather predictable because of
Angola's attitude at the last OPEC meeting, nonetheless it
brings into mind percolating divisions that might beset unity
going forward," PVM's Evans added.
(Reporting by Robert Harvey in London and Emily Chow in
Singapore; Editing by Miral Fahmy and Mark Potter)
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