Oil prices set for first weekly decline

Oil prices rose on Friday reflecting scepticism about prospects for a ceasefire in the month-old Iran war, but Brent crude was set for its first weekly decline since February 9 after US President Donald Trump said talks with Iran were going well while offering no details. Brent crude futures rose by $2.65, or 2.45%, to $110.66 a barrel by 1546 GMT. US West Texas Intermediate futures were up $3.17, or 3.4%, at $97.65.

The Brent benchmark has jumped 53% since February 27, the day before the US and Israel launched strikes against Iran but was down nearly 1% this week. WTI, up 45% since the war began, was down over 0.5% week-over-week.

Traders are cautious about Trump's statements about the Iran talks. An Iranian official told Reuters that a US proposal conveyed to Tehran by Pakistan was "one-sided and unfair". The Iran war has taken about 11 million barrels per day out of global oil supply.