Stock Market Today: S&P 500 Posts Biggest Weekly Fall in 2 Months Despite Friday’s Gain

Oil futures finished higher in the session as concerns about supply risks in the Middle East have increased. Axios, citing two unnamed Israeli sources, reported late Thursday that Israeli intelligence suggested Iran was planning a major retaliatory strike against Israel.

“When you get reports that Iran may attack Israel with the help of its proxies from Iraqi soil, you can expect fear to drive up (oil) prices. Any time you fear oil supply disruptions or more unrest in the region, prices have to go higher,” said Tariq Zaheer, managing member of Tyche Capital Advisors.

An Iranian official said Friday that the country has the capability to produce nuclear weapons and is willing to change its policy on their use if faced with an existential threat. NBC News reports..

U.S. oil prices rose back above $70 a barrel in electronic trading late Thursday but pared much of that gain by Friday’s deal, with Zaheer citing profit-taking as a possible reason.

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