After new American sanctions against Iran and a new OPEC+ plan for seven members to cut production increased bets on tightening supply, oil prices rose at the start of Asian trade on Friday, and were on track for their second consecutive weekly increase.

Brent oil futures rose 42 cents, or 0.6%, to $72.40 per barrel at 0026 GMT. West Texas Intermediate crude oil futures were up 45 cents, or 0.6%, to $68.52 per barrel. Brent and WTI were on track to increase by around 2%, their biggest weekly gains since the first week of 2025

Oil prices were also supported by a new OPEC+ plan announced on Thursday, which calls for seven members to further reduce production to make up for producing more than agreed levels. The plan would represent monthly cuts of between 189,000 bpd and 435,000 bpd, and would last until