Oil prices rise, head for weekly loss

Oil drilling rigs

Oil prices edged higher on Friday, aided by concerns over potential supply disruptions from Venezuela, though crude remains on track for weekly losses as markets weigh the likelihood of a Russia-Ukraine peace deal.

Brent crude futures for February 2026 rose 0.8% (50 cents) to $61.78 a barrel at 09:01 am Riyadh time.

US WTI crude for January 2026 gained 0.9% (51 cents) to $58.11 a barrel.

Supply worries intensified after the United States seized a tanker off Venezuela this week. Reuters, citing sources familiar with the matter, reported that Washington is preparing to intercept more vessels transporting Venezuelan crude as part of increased pressure on President Nicolás Maduro.

Markets are now awaiting the Baker Hughes weekly US oil and gas rig count, due later today, for further indications of supply trends.