24.08.201806:14:00UTC+00Oil Prices Rise On Supply Risks

Oil prices rose on Friday and remained on track to post their first weekly gain in two months as investors assessed the risk of supply disruptions amid a strike in the North Sea oil and gas fields and looming U.S. sanctions against Iran.

West Texas Intermediate crude for October delivery traded at $68.44 a barrel, up 61 cents or 0.90 percent from its previous close on Thursday, while Brent oil futures were up 65 cents or 0.88 percent at $75.38 a barrel.

A scheduled industrial action over working rotas will go ahead, UK union Unite said in a statement, after talks between French oil refiner Total and workers on three of its North Sea oil and gas platforms broke down on Thursday. The fields contribute about 10 percent of Britain's total natural gas output.

U.S. sanctions against Iranian oil exports take full effect in November. It is expected that the sanctions could significantly impact global supply and exhaust the world's spare oil capacity.

Prices have also been supported by shrinking U.S. crude inventories.