OPEC+ oil producers have agreed in principle to keep their December output targets steady at a meeting on Sunday, three people with knowledge of the matter told Reuters, in line with expectations that further policy adjustments will not come until next year.

Sunday's online meeting of seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as Gulf members have been boosting exports disrupted for months by the war with Iran. The group still has a layer of production cuts of about 2 million barrels a day covering most members through the end of 2026, and its focus is shifting to 2027 quota talks.

Friday's surge to April highs

Oil prices surged more than 2% on Friday, settling at their highest levels since the end of April, as traders braced for a potential escalation in the war. Brent crude futures for December, which expired on Friday, closed up $2.76, or 2.4%, at $117.64 a barrel after touching a high of $118. The more active January contract gained $2.63 to $113.43, while US West Texas Intermediate ended $2.12, or 2.08%, higher at $104.12.

The week's gains were the third consecutive weekly rise, after an early dip on hopes of easing tensions gave way to a midweek jump on Yemen fighting and a Saudi refinery attack claim.

What to watch next

Traders now look to confirmation of the hold and to the 2027 quota talks. Analysts surveyed in October raised their average 2026 Brent forecast above $90 for the first time since May, to $92.88, while JPMorgan has put Brent's fundamental value near $94, implying a large geopolitical premium above $110. Prices remain hostage to Gulf headlines.