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Oil futures settled lower on Friday, extending their slide to a third consecutive weekly loss, before reversing course in extended trading after the U.S. military confirmed a retaliatory strike on Iran.
The after-hours move underscores how quickly a confirmed military escalation can override the bearish momentum that had dominated the regular session.
Three Weeks of Losses, Then a Late Reversal Crude had been on a losing streak heading into the weekend, with Friday's close marking the third straight week that oil futures finished in the red.
The direction of travel through the regular session pointed to a market focused on supply-demand fundamentals rather than geopolitical risk. That calculus shifted in extended hours once the U.S.
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