Oil settles 3% higher, Brent above $81

Oil drilling rigs

Oil prices settled higher on Friday, posting a weekly gain as worries about supply from the Middle East mounted.

Brent crude for April delivery rose 0.7% to $82.19 a barrel, the highest level since Jan. 30 ($82.50), ending the week with a gain of 6.3%.

WTI contracts for March delivery gained 0.8% to $76.84 a barrel, the highest settlement since Jan. 30 ($77.82). WTI gained 6.3% this week.

The US drilling rig count held steady for the third consecutive week at 499 in the week ended Feb. 9, Baker Hughes said on Friday.