Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter.
Brent futures rose 50 cents, or 0.6%, to $86.50 per barrel and U.S. West Texas Intermediate (WTI) crude gained 64 cents, or 0.8%, to $83.55 a barrel at 0345 GMT.
Brent is set for a weekly gain of 2.3%, while WTI is set to climb 0.9% for the week, after both contracts surged on Monday on the potential for disruptions to Middle Eastern exports after Hamas’ attack on Israel over the weekend threatened a possible wider conflict.
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