WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday and headed for their first weekly rise since the end of November as investors weigh the prospect for tighter U.S. sanctions against Iran and Russia.
The dollar's rise capped gains as investors awaited the Federal Reserve rate decision next week.
Benchmark Brent crude futures rose 0.6 percent to $73.84 in European trade, while WTI crude futures were up 0.6 percent at $70.4.
The potential for an oil market glut next year was offset by lingering concerns over sanctions curtailing oil supply.
Earlier this week, European Union ambassadors have agreed to a new raft of sanctions against Russia because of its war on Ukraine, mainly targeting Russia's massive shadow fleet of ships.
The Biden administration in the U.S. is reportedly considering stricter sanctions on Russia's oil trade.
According to a Wall Street Journal report, U.S. President-elect Donald Trump is evaluating the possibility of pre-emptive strikes on Iran to stop its growing nuclear program.
This move would mark a significant change from previously established U.S. policy on diplomacy and sanctions when dealing with Tehran.
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