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Stock market today: The S&P 500 posts its biggest weekly decline in two months despite Friday's gains

Posted on by Vanessa
Stock market today: The S&P 500 posts its biggest weekly decline in two months despite Friday's gains

Oil futures ended the session higher as concerns grew about risks to Middle East supplies. Axios reported late Thursday, citing two unnamed Israeli sources, that Israeli intelligence suspected Iran was planning a major retaliatory strike against Israel.

“If you get reports that Iran might launch an attack on Israel from Iraqi soil through its proxies, you can expect a spike (in oil) out of fear. Anytime you fear a disruption in oil supplies or further unrest in the region, prices should rise,” said Tariq Zahir, managing member at Tyche Capital Advisors.

On Friday, an Iranian official said the country has the capacity to produce nuclear weapons and is ready to change its policies on their use if it faces an existential threat, NBC News reported.

U.S. oil prices had climbed back above $70 a barrel in electronic trading late Thursday but had largely erased those gains by Friday's settlement, with Zahir citing profit-taking as a possible reason.

West Texas Intermediate crude oil for December delivery rose 23 cents, or 0.3%, to close at $69.49 a barrel on the New York Mercantile Exchange. Prices ended this week down 3.2% on a first-month basis, according to Dow Jones Market Data. Brent crude, the global benchmark, rose 29 cents, or 0.4%, to $73.10 a barrel on ICE Futures Europe in January and was down nearly 3.4% this week.

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