Oil prices rose on Friday, and were set for second consecutive weekly gains, as fresh U.S. sanctions on Iran and a new plan from the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut output raised bets on tighter supply.
Brent crude futures climbed 21 cents, or 0.3%, to $72.21 per barrel by 0435 GMT. U.S. West Texas Intermediate crude futures were up 25 cents, or 0.4%, to $68.32 a barrel.
On a weekly basis, both Brent and WTI were on track to rise about 2%, their biggest weekly gains since the first week of 2025.
The United States Treasury on Thursday announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China.
The sanctions on Chinese entities were “a clear escalation in sanctions policy”, analysts at RBC Capital Markets said in a note on Friday.
