Oil heads for biggest weekly gain since mid-July

Oil prices rose on Friday, on track to post their largest weekly gains since mid-July, as escalating tensions and renewed combat between the United States and Iran fueled concerns about supply from the Middle East.

Brent crude futures rose 15 cents, or 0.2%, to $95.67 a barrel, while U.S. West Texas Intermediate crude futures gained 26 cents, or 0.3%, to $91.56 a barrel. On a weekly basis, Brent rose 7.1% and U.S. crude rose 9.8%, both heading toward their highest gains since the week ended July 20.