Oil prices rose for a second day on Friday, with Brent crude climbing towards $100 a barrel even as the market stayed on course for a steep weekly fall.

Brent crude futures for January rose $1.57, or 1.6%, to $99.86 a barrel as of 02:22 GMT, Reuters reported. US West Texas Intermediate climbed $1.10, or 1.22%, to $91.62 a barrel. The gains followed Thursday's settlement, when Brent closed at $98.29 and WTI at $90.52 after fresh attacks on tankers revived worries about supplies.

Weekly fall of about 12%

Despite the two-day rebound, Brent was still set to fall about 12% this week, Reuters reported, with WTI down 12.1%. The comparison is measured on the January contract: the December contract expired on 30 October, so the weekly figure reflects a contract roll rather than a like-for-like settlement.

Prices plunged earlier in the week on expectations that the Democrats' sweep of the US Senate and House of Representatives in Tuesday's midterm elections could lead to a de-escalation of the US-Israeli war against Iran, now in its ninth month. The Wall Street Journal reported oil rose in early Asian trade, putting front-month Brent 0.8% higher at $99.06 a barrel at 01:32 GMT, with WTI 0.7% higher at $91.17.

Supply fears put a floor under prices

Middle East supply concerns continued to provide a floor for the market, Reuters reported. At least five vessels have been hit in the Strait of Hormuz since Sunday, according to the United Kingdom Maritime Trade Operations, and 35 vessels were hit in October — the most of any month of the war.

Traders are also watching Friday's US October jobs report, due at 8:30 a.m. Eastern Time (13:30 GMT), for the next signal on the economy and interest rates. Market moves are not investment advice.

Sources: Reuters, Oil set for sharp weekly drop but Middle East supply concerns provide floor, 6 November 2026; Wall Street Journal, Oil Holds Gains After Selloff, 6 November 2026.