(Bloomberg) -- Oil gained after a two-day fall, with traders keeping their focus on geopolitical developments in the Middle East and the supply outlook.

Most Read from Bloomberg

• Robotaxis Are No Friend of Public Transportation

• Booming Cambridge Exposes England’s Widening Wealth Gap

• Oman Sees an Urban Future Distinct From Dubai and Abu Dhabi

• Climate Change Is Killing Buildings in Slow Motion

• Argentina Drug Trafficking Hotspot Sees Murders Plunge

Global benchmark Brent edged higher toward $75 a barrel after losing more than 2% over the prior two sessions, while West Texas Intermediate was near $71. Negotiators between Israel and Hamas will meet in coming days, as they make a renewed effort to end the conflict in Gaza. At the same time, traders remain on alert for Israel’s potential retaliatory strike on Iran.

Oil has been whipsawed this month by the tensions in the Middle East, as well as concerns that the market may face a glut next year, with output growth from non-OPEC+ producers and plans by the cartel to ease curbs. The International Energy Agency warned this week that global demand growth would continue to weaken due to China’s slowdown and uptake of electric vehicles.

Brent’s prompt spread — the difference between its two nearest contracts — remains in backwardation, with near-term prices above those further out. The widely watched metric was 38 cents a barrel on Friday, in line with the figure last week and slightly wider than a month ago.

To get Bloomberg’s Energy Daily newsletter into your inbox, click here.

Most Read from Bloomberg Businessweek

• A New Economy for Wood Is Slowly Taking Root in California

• The Print Magazine Revival of 2024

• Who Thinks China’s Not an Economic Powerhouse? China

• Home Depot’s 12-Foot Skeletons Spawned an Industry of Giant Halloween Decor

• The Surprisingly Lucrative Business of Recycled E-Waste

©2024 Bloomberg L.P.