Middle East events drive oil prices higher

Crude oil prices were up on Friday after security forces in Saudi Arabia arrested nearly 200 militants they said were planning to attack oil facilities there. Also sending prices higher was a new US intelligence estimate that says Iran will have bomb-grade nuclear material sooner than previously forecast. In addition, gasoline demand in the United States stirred fears of short supplies once the summer driving season gets underway.

June contracts for Brent crude on the Intercontinental Exchange in London were 58 cents higher to $68.23 per barrel, a gain of 2.6 percent during the week. West Texas Intermediate crude for June delivery added 4 percent on the week, gaining 90 cents to $65.96 on the New York Mercantile Exchange on Friday. Meanwhile, Nymex May RBOB gasoline added 8 percent on the week to trade at $2.3070 per gallon.