Brent crude was up 36 cents to $91.01 a barrel by 1031 GMT, while U.S. West Texas Intermediate crude rose 20 cents to $86.79
Oil prices extended gains on Friday and were on course for a second weekly gain, supported by geopolitical tensions in the Middle East, concerns over tightening supply and expectations about demand growth as economies improve.
“The market knows that some kind of retaliation from Iran is likely, but it doesn’t know any details which creates a great discomfort and nervousness,” SEB analyst Bjarne Schieldrop said.Ongoing Ukrainian drone attacks on refineries in Russia may have disrupted more than 15 per cent of Russian capacity, a NATO official said on Thursday, hitting the country’s fuel output.
“Further clampdowns on adherence to quotas should see output fall further in Q2,” ANZ analysts Daniel Hynes and Soni Kumari wrote in a note.Heavy oil supply has also tightened globally after Mexico and the United Arab Emirates cut exports of these grades.
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