Oil rises but set for weekly loss as traders assess supply disruptions

Oil prices rose Friday but were still headed for a weekly decline as traders weighed headlines around Russia and Iran suggesting more possible supply disruptions, versus those promising remedies in a tight market.

Benchmark futures have soared since Russia’s invasion of Ukraine and hit their highest levels since 2008 at the start of this week but pulled back sharply over the last two sessions, as some producing countries signalled they may act to increase supply.

Brent crude futures rose $2.46, or 2.3%, to $111.79 a barrel by 11:49 a.m. ET (1649 GMT) after hitting a low of $111.74 earlier. U.S. West Texas Intermediate (WTI) crude futures rose $3.09, or 2.9%, to $109.11 a barrel, rebounding from a session low of $104.48.