Oil prices rise and head for weekly gains of about 5%

SadaNews Economy - Oil prices rose during trading on Friday, after falling by more than 1 percent in the previous session, as traders assessed the impact of new high U.S. tariffs that could undermine economic activity and reduce global fuel demand growth.

In terms of trading, Brent crude futures rose by about 0.3 percent to $71.88 per barrel, while U.S. crude contracts also increased by 0.3 percent, reaching $69.47 per barrel.

However, Brent crude is heading for a 4.9 percent increase this week, while West Texas Intermediate is poised for a 6.4 percent rise after U.S. President Donald Trump threatened earlier this week to impose tariffs on buyers of Russian crude, especially China and India, to pressure Russia to stop its war against Ukraine.