Oil prices were set for a second straight week of gains on Friday as Red Sea tensions persisted following a series of attacks on commercial shipping in the region by Yemeni Houthi rebels.
In early trade on Friday, the U.S. benchmark oil futures contract Nymex WTI was up 1.1% at $74.68 per barrel, setting it up for a weekly gain of 4.6%. European benchmark Brent crude was up 1% on Friday at $80.18 per barrel, up 4.7% on the week.
The United States Oil Fund (NYSE:USO), an exchange traded fund that tracks the price of light-sweet crude, was up 0.9% at $69.68 on the day and up 2.8% over the week.