Oil settles higher, posts weekly gain

On a weekly basis, Brent crude rose 7.6%, while US crude gained 10.4%.

Oil prices settled higher on Friday, posting weekly gains as escalating tensions between the United States and Iran heightened concerns over the risk of disruption to energy supplies from the Middle East.

Military confrontations between the two countries resumed this week for the first time in nearly a month, after US strikes killed and wounded dozens of people, including Iranian civilians.

At the same time, a US campaign aimed at squeezing Iran's economy by blocking its oil exports and preventing sanctions evasion is becoming increasingly difficult, while Tehran has threatened further escalation after targeting US military forces in the Middle East.

Four commercial vessels passed through the Strait of Hormuz on Thursday, down from nine a day earlier and well below the average of around 15 vessels a day over the past 10 days, according to Kpler data.

In the US, concerns about supply disruptions following renewed clashes between Washington and Tehran, coupled with Ukrainian attacks on Russian refineries, pushed average diesel prices to record highs.