Oil prices rose by about 1% on Friday. Investors are evaluating a tight fast market compared to a significant potential surplus this year predicted by the IEA, while US tariffs and possible new sanctions against Russia were also the focus of attention

Brent crude futures rose 76 cents, or 1.11%, to $69.40 per barrel at 11:53 GMT. U.S. West Texas Intermediate crude rose 82 cents, or 1.23%, to $67.39 per barrel

At these levels, Brent was heading for a 1.6% gain for the week, while WTI was up around 0.6% from last week's close. Brent contracts in September were trading at a premium of $1.11 compared to futures contracts in October at 11:53

The two benchmark futures contracts lost more than 2% on Thursday as investors worried about the impact of changing Trump's tariff policies on global economic growth and oil demand.