Oil hovers near 6-month high

Oil prices dipped a few cents per barrel on Friday, consolidating recent gains and holding near six-month highs on Friday, supported by nagging tensions between the US and Iran.

Brent crude futures settled at $70.69 a barrel, down 2 cents or 0.03 percent. The March contract expires later on Friday. US West Texas Intermediate crude finished at $65.21 a barrel, down 21 cents or 0.32 percent.

“It’s really all about Iran right now,” said John Kilduff, partner with Again Capital. “The market had priced in a lot of geopolitical risk on Iran, but it’s difficult to quantify the market at this point. The question is if there is action against Iran, what will the Iranians do?”

On Thursday, oil prices hit their highest since early August. Multiple sources said US President Donald Trump was weighing actions against Iran that included targeted strikes, raising concerns about supply disruptions.