Oil rises 3% as US sends 'armada' to Iran, slaps new sanctions

Oil prices rose to their highest in more than a week on Friday after U.S. President Donald Trump ratcheted up pressure against Iran through more sanctions on vessels that transport its oil, and announced an "armada" was heading towards the Middle Eastern nation.

Brent crude futures rose $1.93, or 3%, to $65.99 a barrel by 1:17 p.m. EST (1817 GMT). U.S. West Texas Intermediate crude was up $1.80, or also 3%, at $61.16.

Both benchmarks were at their highest since January 14 and set for weekly gains of over 2.5%.

Trump's statements renewed warnings to Tehran against killing protesters or restarting its nuclear program. The escalating pressure has caused concerns of oil supply disruptions in the Middle East. Kazakhstan has been struggling to resume output from one of the world's largest oilfields.

Warships, including an aircraft carrier and guided-missile destroyers, will arrive in the Middle East in the coming days, a U.S. official said. The United States conducted strikes on Iran last June.