Benchmarks Recoup Some Of Thursday's Losses

Brent crude has spent most of the session tracking higher, last just above $89/bbl. This puts us +1.25% above Thursday closing levels in NY. We are still tracking comfortably lower for the week, at this stage -3.40%. The WTI benchmark has tracked a similar trajectory, last near $84.30/bbl, but this benchmark is down a little over 5% for the week.

• Oil's rise today is line with a firmer risk-on tone in other asset markets. Most notably US equity futures are higher, led by better earning results in the tech space. The USD is also down a touch.
• In the Middle East, the US military struck two targets in Syria in response to earlier attacks on US military personnel in both Iraq and Syria. The targets were linked to Iran, but the US stated they weren't linked to the Israel/Hama conflict.
• Iran stated the US won't be spared if the Israel-Hamas conflict spreads (see this BBG link for more details).
• Still, concerns around a wider Middle East conflict, coupled with tight supply, have been overshadowed this week by a firmer USD/weaker equity backdrop, which has driven oil benchmarks to weekly losses.