Oil prices on track for weekly rise

Oil drilling rigs

Oil prices rose on Friday, heading toward weekly gains, after US President Donald Trump renewed his threats against Iran, raising concerns over potential military action that could disrupt supplies.

Brent crude futures for March delivery climbed about 0.75%, or 47 cents, to USD 64.53 a barrel as of 09:18 am KSA time.

Meanwhile, NYMEX WTI crude futures for March delivery rose 0.75%, or 43 cents, to USD 59.79 a barrel.

The gains followed comments by Trump, who told reporters aboard Air Force One that a US armada is heading toward Iran, hoping that he would not need to use it. He also reiterated warnings to Tehran against resuming its nuclear program, according to Reuters.

Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today, which will provide further insight into the outlook for US supply.