Oil prices rise over 2%, post weekly losses

Oil drilling rigs

Oil prices extended their gains on Friday after US Energy Secretary Chris Wright said that the US may tighten its grip on Iranian oil trade as part of negotiations over Iran’s nuclear program.

At settlement, Brent crude futures for June delivery rose by 2.25%, or $1.43, to $64.76 per barrel, despite a weekly loss of 1.25%.

Meanwhile, US West Texas Intermediate (WTI) crude futures for May delivery climbed by 2.4%, or $1.43, to $61.50 per barrel, trimming their weekly losses to 0.8%.

Wright’s remarks provided upward momentum for oil prices following a week of volatility, as President Donald Trump’s new tariff regime forced traders to reassess geopolitical risks facing the oil market.

Data from Baker Hughes released today showed that the number of active oil rigs in the U.S. fell by 9 to 480 during the week ending April 11, marking the lowest level since the end of January.