Oil prices rose on Friday, recovering some of their recent losses after a turbulent week marked by the US midterm elections and uncertainty over the course of the war between the United States and Iran.
Brent crude futures for January delivery rose 1.5% to $99.79 per industry standard 159-litre barrel.
The gains came after the Democrats' strong performance in the US midterm elections had triggered a sharp sell-off earlier in the week. Despite the latest recovery, Brent remains down around 15% over the week.
US President Donald Trump said he would soon decide whether to resume the war against Iran, which he launched jointly with Israel in February. The stated aim of the conflict is to prevent Tehran from developing a nuclear weapon.
Trump told reporters at the White House: "I would rather not destroy the rest of the country if possible, but maybe I will have to. You'll know soon enough."
Iran had earlier struck a defiant tone following the heavy defeat suffered by Trump's Republicans in the midterm elections.
Oil markets are increasingly hopeful that the conflict between the US and Iran could end sooner than expected. However, significant differences remain between the two sides.
Tehran is demanding that Washington lift its naval blockade, ease sanctions and release frozen assets before the Strait of Hormuz is fully reopened.
There are nevertheless signs of progress in diplomatic efforts. Iran is considering proposals from mediators on its nuclear programme, the New York Times reported. This suggests that Qatar's efforts to prevent a renewed escalation into full-scale military conflict may be gaining traction.
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