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Oil prices closed slightly higher on Friday after a turbulent session marked by conflicting reports of potential US air strikes on Venezuela. Prices briefly surged when media outlets suggested the attacks could begin within hours but later retreated after US President Donald Trump denied the claims on social media.

Brent crude settled at $65.07 a barrel, up 7 cents or 0.11%.

WTI rose 41 cents or 0.68% to $60.98 a barrel.

Market sentiment turned jittery following the initial reports, with traders warning that any escalation over the weekend could trigger sharp price swings. However, no military action was reported.

Analysts said the market had already priced in potential supply disruptions from Venezuela — an OPEC member under long-standing US sanctions — especially after Washington deployed additional naval assets to the Caribbean in recent months.

Still, the upside was capped by persistent concerns over oversupply, as global seaborne volumes remain elevated. Sources familiar with discussions within OPEC+ said the group is leaning toward a modest production increase in December, a move that could temper any price rally if confirmed.

Written: Farid Muzaffar