Oil climbed to 1% on Friday as Middle Eastern tensions continued to rise in response to Houthi attacks on ships in the Red Sea. However, Angola's plan to exit OPEC prompted concerns about the group's ability to sustain prices.

Brent crude added 0.9%, to $80.09 per barrel meanwhile US WTI added 0.9% at $74.55 per barrel.

According to Kelvin Wong, senior market analyst at OANDA, the interruptions caused by the Red Sea raid have increased geopolitical concerns, which is bolstering the current positive tone in oil prices.

Due to vessel strikes by the Houthi insurgent organization in Yemen, which supports the Palestinians battling Israel in Gaza, more maritime vessels are steering clear of the Red Sea. These attacks have disrupted global trade through the Suez Canal, which manages around 12% of all trade worldwide.

The Houthis declared they would keep up their attacks despite the United States' Tuesday initiation of an international effort to protect trade in the Red Sea.

For the first Q4 of 2024, OPEC+ countries who produce over 40% of the world's oil—agreed to voluntarily reduce their output by a total of roughly 2.2 million barrels per day.

Angola earlier has objected to a decision made by the larger OPEC+ group to lower the nation's oil output quota for 2024.