After reports that Iran was preparing a retaliatory strike against Israel from Iraq in the coming days, oil prices continued to rise on Friday, climbing by more than $1 per barrel, thus reducing their weekly losses.

American West Texas Intermediate crude rose $1.44, or 2.1%, to $70.70. Brent crude oil futures were up $1.39, or 1.9%, to $74.20 per barrel at 07:36 GMT. According to reports, oil prices were also supported by expectations that OPEC+ could delay the increase in oil production expected in December by a month or more. However, prices are on track to drop by more than 1% weekly, struggling to recover from a 6% loss on Monday after the Israeli strike against the Iranian military on October 26 bypassed oil and nuclear facilities and did not disrupt energy supplies