Oil prices extend gains, Brent surpasses $72

Oil drilling rigs

Oil prices continued to rise for a third consecutive session on Friday after US President Donald Trump said Iran has no more than 15 days to reach an agreement on its nuclear program. The remarks fueled concerns over a potential conflict and possible disruptions to crude supplies.

The Wall Street Journal reported that Trump is weighing an initial limited military strike on Iran to force it to meet his demands for a nuclear deal, a first step that would be designed to pressure Tehran into an agreement but fall short of a full-scale attack that could inspire a major retaliation.

Meanwhile, Robert Rennie, Head of Commodity Research at Westpac Banking Corporation, described the move as an escalation of pressure by Trump rather than a clear intention to launch an attack, according to Bloomberg.

Brent crude futures for April delivery rose 0.61% to $72.09 per barrel at 08:55 a.m. Makkah time, extending weekly gains to more than 6%.

US WTI crude futures for March delivery climbed around 0.6% to $66.83 per barrel, approaching the $67 level.