Oil settles higher, posts weekly gains of nearly 3%

Oil drilling rigs

Oil prices rose on Friday, amid renewed geopolitical tensions following the US government’s imposition of new sanctions on Iranian crude tankers and President Donald Trump’s announcement of dispatching a naval fleet toward the Middle East.

Brent crude futures for March delivery climbed 2.84%, or $1.82, to $65.88 per barrel, posting weekly gains of 2.73%.

Meanwhile, U.S. Nymex crude futures for March delivery rose 2.88%, or $1.71, to $61.07 per barrel, achieving weekly gains of 2.74%.

The gains came after US President Donald Trump said in press remarks that he had dispatched a naval fleet toward Iran, warning Tehran against resuming its nuclear program.

Separately, the US Treasury Department imposed sanctions on nine vessels and eight companies linked to the transportation of Iranian oil and petroleum products.