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Oil prices rose 2% on Friday after Iranian media reported that a state-owned tanker was attacked in the Red Sea near Saudi Arabia and optimistic expectations of a trade war between the United States and China boosted sentiment in the oil market.
Brent crude oil futures rose $1.41, or 2.4%, to close at $60.51 a barrel.
U.S. crude oil futures rose $1.15, or 2.2%, to close at $54.70 a barrel.
The International Energy Agency (IEA) expects a weakening demand in 2020 to curb oil price increases. Nevertheless, Brent crude oil and American crude oil are expected to record their first weekly gains in three weeks. Brent crude rose 3.7% this week, while American crude rose 3.6%.
Iranian state television reported that Iran's Foreign Ministry confirmed that a tanker in the country had been attacked twice in the Red Sea and that the tanker had been damaged. There are different opinions about the extent of damage to the tanker.
Iran's National Tanker Corporation (NITC) said the tanker was damaged but in stable condition, denying reports that the tanker was on fire.
"We estimate that the risk premium from the oil tanker incident is about $1 per barrel, and if we fail to assess who is responsible and there are no subsequent events, the risk premium may be easily eliminated in a few trading days," Jim Ritterbusch, president of Ritterbusch and Associates, a crude oil trading consultancy, said in a report.
Iranian crude oil exports were sanctioned by the United States, which weakened the impact of Iranian crude oil on the global supply pattern.
Following an attack on Saudi Arabian oil company facilities, the United States announced on Friday that it was sending more troops, possibly thousands, to Saudi Arabia. The statement did not specify how these forces would be used.


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