NEW YORK: Oil futures rose about 1 per cent on Friday, with US crude up 10 per cent and global benchmark Brent gaining 5 per cent in the week, on fears the United States could attack Iran and disrupt flows from the Middle East, which provides more than a fifth of the world's oil output. 

US gasoline futures, meanwhile, jumped 4 per cent following a massive fire at Philadelphia Energy Solutions' refinery in Philadelphia, the largest on the US East Coast. 

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The heightening of tensions between the United States and Iran has evolved as primary price motivator in spiking oil values," Jim Ritterbusch of Ritterbusch and Associates said in a note. While the rise in US-Iranian tensions has largely driven the crude price gains, analysts said an early July meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to reassess production targets, a potential softening of trade tensions between the United States and China and the refinery fire were also supporting prices. 

Brent futures rose 75 cents, or 1.2 per cent, to settle at $65.20 a barrel, while the most active US West Texas Intermediate (WTI) crude contract ended the session up 36 cents, or 0.6 per cent, at $57.43. 

Brent notched a gain of about 5 per cent for the week, its first weekly gain in five weeks, and WTI jumped about 10 per cent, its biggest weekly percentage gain since December 2016. 

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