Oil jumps more than 3%, posting strong weekly gains

WASHINGTON, (UrduPoint / Pakistan Point News / WAM - 16th May, 2026) Oil prices rose on Friday by more than 3% amid strong weekly gains for both benchmark crudes.

Brent crude futures increased by $3.54, or 3.35%, to settle at $109.26 per barrel. US West Texas Intermediate (WTI) crude futures also rose by $4.25, or 4.2%, closing at $105.42 per barrel. Over the week, Brent crude climbed by 7.84%, while WTI jumped by 10.48%.