Oil prices were heading for strong weekly gains, driven by renewed concerns over global crude supplies amid continuing tensions in the Middle East and a slowdown in tanker traffic through the Strait of Hormuz, one of the world's most vital energy corridors.
Brent crude rose 0.38% in Friday trading to $76.59 per barrel, while West Texas Intermediate (WTI) climbed 0.24% to $72.25 per barrel.
Brent is on course for a weekly gain of around 6%, compared with around 5% for WTI.
The gains come amid fears that military escalation between the United States and Iran could disrupt oil trade flows, following a slowdown in oil tanker crossings through the Strait of Hormuz, which prior to the crisis carried around 20% of the world's daily oil and gas supplies.
Despite the price increases, signs of easing tensions capped the gains, after reports of diplomatic efforts to resume negotiations.
Investors are closely monitoring developments in the Strait of Hormuz and the trajectory of geopolitical tensions, viewing them as the most influential factor shaping oil price trends in the period ahead.