India, March 21 -- Oil prices were set for a second weekly gain on Friday after the U.S. sanctioned a Chinese refinery for the first time, in a marked step-up of measures to curb supply from Iran.
Also, a new OPEC+ plan announced Thursday for seven members to cut output raised bets on tighter supplies in the coming months.
Benchmark Brent crude futures edged up 0.1 percent to $72.07 in European trade, while WTI crude futures rose 0.2 percent to $68.17.
Both contacts were up nearly 2 percent for the week, their biggest weekly gains since the first week of 2025, supported by rising geopolitical tensions and a strong outlook for demand in the United States after fuel inventories fell more than expected in the latest week.
Geopolitical tens...