Oil headed for its biggest weekly gain since early January on increasing supply uncertainty.
West Texas Intermediate rose toward $73 a barrel and is up almost 3% this week in its biggest advance since Jan. 10. Brent crude closed above $76. OPEC+ could delay a production increase, Kazakh output remains disrupted after a Ukrainian drone attack in Russia, while the status of a resumption of exports from Iraq's Kurdistan region is unclear.
The lack of clarity on supplies has further muddied the outlook for crude, which has been buffeted by US President Donald Trump's quick-fire tariff actions and wider policy decisions. The threat of US duties on imports that could hamper global growth has seen futures erase most of this year's early gains over recent weeks.
Elsewhere, the US signaled that sanctions relief for Russia could be on the table in talks over the war in Ukraine. Treasury Secretary Scott Bessent said on Thursday that the US was prepared to either ramp up or take down the penalties based on the Kremlin's willingness to negotiate.
A weaker dollar also made commodities more attractive for many buyers. A Bloomberg gauge of the US currency declined to its lowest level since December on Thursday.
Prices:
WTI for April delivery rose 0.3% to $72.72 a barrel at 8:08 a.m. in Singapore.
Brent for April settlement closed 0.6% higher at $76.48 a barrel.
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