Oil prices up heading for weekly gains due to tensions in the Middle East

Oil prices rose in early trading on Friday and are on track for weekly gains amid continuing tensions in the Middle East

According to Reuters, by 0119 GMT, Brent crude futures rose eight cents, or 0.1%, to $81.71 per barrel, and US West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $76.39 per barrel.

Oil prices jumped by about 3% in the previous session after Israeli Prime Minister Benjamin Netanyahu rejected a proposal to end the war in Gaza.

The tensions kept oil prices rising, and the two benchmarks were heading up 5.7% each during the week.