Oil prices rise toward weekly gains on Friday

Oil prices rose on Friday amid concerns about supply shortages, as a new round of U.S. sanctions on Iran is set to take full effect.  

At 9:16 am Makkah time, global benchmark Brent crude’s November futures edged up 0.11 percent to $81.81 a barrel, toward a weekly gain of 3.7 percent. Last Tuesday it closed at $82.55 a barrel, its highest level in four years.

West Texas Intermediate crude (WTI) October futures rose by 0.28 percent to $72.32 a barrel, gaining 2.1 percent for the week, to post three-week gains.  

As of Nov. 4, Washington will be demanding that buyers of Iranian oil cut imports to zero to force Tehran to negotiate a new nuclear agreement.

Iran, the third largest OPEC producer, exported 2.71 million barrels per day (bpd) at its 2018 peak in May, nearly 3 percent of daily global crude consumption.