Pakistan, May 18 -- Traders eye Iran, OPEC+ output as key factors ahead

HOUSTON - Oil prices rose on Friday, marking their second straight weekly gain, as easing tensions between the US and China boosted investor confidence. However, expectations of increased global supply continue to put pressure on the market.

Brent crude settled 88 cents higher at $65.41 per barrel, while US West Texas Intermediate (WTI) climbed 87 cents to close at $62.49. For the week, Brent gained 1%, and WTI rose 2.4%, despite recent volatility.

The potential return of Iranian oil following progress on nuclear talks and possible OPEC+ output hikes kept gains in check. "With Iranian crude possibly returning and OPEC+ increasing output, bearish trends have re-emer...