Despite rising above $74 per barrel, U.S. crude oil is on track for a weekly decline.

• While Brent has decreased by 1.4% in a week, the decline in U.S. crude is more significant at 2.9%.
• Geopolitical risk is being overshadowed by the concern about the strength of global demand for oil.

On Friday, crude oil futures increased by more than 1%, but they are still heading towards a weekly decline due to the slowing demand in China.

While U.S. crude has decreased by 2.9% this week, global benchmark Brent has fallen by only 1.4%.

Helima Croft, head of global commodity strategy at RBC Capital Markets, stated on CNBC's "Fast Money" on Thursday that geopolitical risk is not currently affecting oil prices.

"That has really evaporated from the market," Croft said.

Here are Friday's energy prices:

• The October contract price for crude oil is $74.39 per barrel, which represents a $1.38 increase or a 1.9% rise compared to the previous month. To date in the year, the US has seen a 3.8% increase in crude oil prices.
• The October contract price per barrel is $78.46, an increase of $1.24 or 1.6%, while the global benchmark is leading the way with a year-to-date advance of 1.9%.
• The price of gasoline in September is $2.27 per gallon, which is an increase of 3 cents or 1.3%, and year-to-date, gasoline prices have risen by 8%.
• The September contract price for gas is $2.015 per thousand cubic feet, which represents a decrease of more than 3 cents or 1.8% compared to the previous month. To date, gas prices have decreased by 20% throughout the year.

Despite speculation among traders for weeks that Iran would retaliate against Israel over the assassination of a Hamas leader in Tehran, no attack has occurred, alleviating fears of a wider war that could disrupt supplies.

"These demand concerns have been a major focus for the market, particularly Chinese demand concerns and broader macro outlook concerns," Croft stated.