Ammon News - Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.
On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year.
On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. Reuters
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