Rebounding from yesterday's losses, Crude oil futures closed higher on Friday as U.S. President Trump's comments about U.S. naval movements toward Iran reignited concerns over potential conflict escalation and supply disruptions in global markets. Iran tensions returned to the fore after U.S. President Donald Trump said a U.S. naval ‘armada’ was heading toward the Gulf and that the U.S. is closely watching protests, military signals, and rising tensions in the Middle East. Meanwhile, Baker Hughes Company revealed that crude oil rigs in the U.S. increased to 411 on January 23 from 410 in the previous week and total rigs increased to 544 on January 23 from 543 in the previous week. 

Benchmark crude oil futures for March delivery rose $1.71 or 2.88% to settle at $61.07 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.82 or 2.84% to settle at $65.88 a barrel on London's Intercontinental Exchange.