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Rising oil prices supported by Iran sanctions
Oil prices have surged more than 1 percent on expectations that US sanctions on Iran are expected to reduce supplies.
Crude ended this week with losses as investors worried that global trade disputes could slow economic growth and hurt energy demand, Reuters said.
Global Brent crude futures closed up 74 cents, or 1.03 percent, to settle at $ 72.96 a barrel.
US benchmark WTI futures rose 82 cents, or 1.23 percent, to settle at $ 67.63 a barrel.
A sell-off in Wednesday's session ended the week's two record losses, with Brent down 0.5 percent and US crude at 1.2 percent.
"Morale is trapped between fears that a Sino-US trade dispute will hurt demand for oil and an impending supply shortage in Iran," said Steven Brinock, an analyst at BMO Oil Associates brokerage in London.
Rising trade disputes overshadow the outlook for economic growth and push the dollar, the world's oil trading currency, upwards, increasing the cost of crude for consumers from other currency holders.
Emerging economies such as China, India and Turkey are experiencing a sharp decline in their currencies
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