Dhaka, March 21 -- Oil prices rose on Friday, and were set for second consecutive weekly gains, as fresh US sanctions on Iran and a new plan from the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut output raised bets on tighter supply.

Brent crude futures climbed 21 cents, or 0.3 per cent, to $72.21 per barrel by 0435 GMT. US West Texas Intermediate crude futures were up 25 cents, or 0.4 per cent, to $68.32 a barrel, reports Reuters.

On a weekly basis, both Brent and WTI were on track to rise about 2.0 per cent, their biggest weekly gains since the first week of 2025.

The United States Treasury on Thursday announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner ...