Brent futures were up $1.51, or 2.44%, to $63.50 per barrel
Oil gains as market weighs Iran, Russia supply risks; dealmaking for Venezuela in focus
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Oil prices rose 2% on Friday, set for a weekly gain, on growing supply worries linked to the intensifying protests in oil-producing Iran and an escalation of attacks in Russia's war in Ukraine.
Brent futures were up $1.51, or 2.44%, to $63.50 per barrel at 1:43 p.m. ET (1843 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.55, or 2.68%, to $59.31.
Both benchmarks climbed more than 3% on Thursday, following two straight days of declines. For the week, Brent is on track to gain 4.5%, while WTI has risen 3.5%.
"The uprising in Iran is keeping the market on edge," said Phil Flynn, senior analyst with the Price Futures Group.
Worries over potential disruption of Iran's oil output grew as the civil unrest in the Middle Eastern country intensified.
"Iran protests seem to be gathering momentum, leading the market to worry about disruptions," said Ole Hansen, head of commodity analysis at Saxo Bank.
A nationwide internet blackout was reported in Iran on Thursday, internet monitoring group NetBlocks said, as protests over economic hardships continued in the capital Tehran, the major cities of Mashhad and Isfahan as well as other areas around the country.
