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October WTI crude oil (CLV26) closed up +0.18 (+0.20%) on Friday, and October RBOB gasoline (RBV26) closed up +0.0797 (+2.54%).

Crude oil and gasoline prices recovered from early losses and settled higher on Friday. Pre-weekend short covering lifted crude prices on Friday ahead of the three-day US Labor Day holiday weekend. Crude oil initially moved lower on Friday amid no news of military action between the US and Iran. Also, Saudi Aramco's unexpected decision to keep the price of its crude unchanged for Asian customers for October delivery weighed on crude prices.

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Crude prices were pressured on Friday after Saudi Aramco kept the price of its Arab Light crude for October delivery to Asian customers unchanged, versus expectations of a $5 a barrel increase.

Crude prices rose to a 6-week high on Thursday amid signs of tighter global oil supplies. Data compiled by Bloomberg, Kpler and Vortexa showed that Saudi Arabia's Aug crude exports dropped to about 3 million bpd, the lowest amount in 9 years. Also, hostilities have escalated this week between the US and Iran, dampening hopes that the Strait of Hormuz will be fully reopened anytime soon.

Gains in crude oil prices are contained on signs that crude flows are still moving through the Strait of Hormuz. President Trump said Thursday that the US controls the Strait of Hormuz and, "We're taking out 30, 40 boats a night, and a lot of oil is coming out of there." Also, CNN reported that the US military escorted 40 vessels carrying 18 million bbl of oil through the Strait of Hormuz on Tuesday, easing supply concerns.

President Trump recently said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict.

Crude prices also have support on concerns that Israel could be dragged back into the US-Iran conflict. Israeli Defense Minister Katz said on Thursday that an Iranian attack on Israel would free Israel from any existing restrictions in a response against the regime in Iran. Israel has ramped up attacks on Iran-backed Hezbollah in Lebanon, dampening the prospects of ending hostilities in the Middle East and a quick reopening of the Strait of Hormuz. In addition, Israel has struck Iran-backed Hamas in Gaza, while the Yemen- based Houthis have attacked ships in the Red Sea.