Oil prices climb as Middle East conflict counters ample supply outlook

Oil prices rose further on Friday and were on track for strong weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market.

Brent crude futures were up 55 cents, or 0.7 per cent, at $78.17 a barrel, as of 0831 GMT. U.S. West Texas Intermediate crude futures were up 50 cents, also 0.7 per cent, at $74.21 a barrel.

Both benchmarks were headed for weekly gains of about 9 per cent.

“While...