Brent crude rises, set for weekly gain of nearly 17%

Brent crude heads for a 17% weekly rise

Oil prices rose on Friday amid concerns over a renewed military escalation in the Middle East, after Iran released video showing special forces boarding a cargo ship in the Strait of Hormuz.

Brent crude futures for June delivery gained 0.5%, or $0.51, to $105.58 per barrel at 08:04 a.m. Makkah time.

West Texas Intermediate (WTI) crude futures for June delivery rose 0.2%, or $0.21, to $96.06 per barrel.

Brent crude has climbed more than 17% over the week, while US crude has gained over 15%, marking the second-largest weekly increase since the outbreak of the conflict, according to Reuters.

Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today to assess the outlook for US supply.