The prospects of more sanctions against Russia and Iran sent crude oil lprices up more than 2% on Friday.
The gains were in response to additional sanctions implemented in Europe as traders said it could lead to tighter supplies and maybe lower interest rates.
West Texas Intermediate crude, the U.S. benchmark, finished up $1.27 or 1.8% per barrel to close at $71.29 on the New York Mercantile Exchange. It resulted in a 6% gain for the week for WTI and put it at its highest level since Nov. 7.
Global benchmark Brent futures went up $1.08 or 1.5% and finished at $74.49 a barrel. It was the highest close for Brent since Nov. 22 and put the contract up 5% for the week, according to Reuters.
Natural gas prices ended the week with an 18 cent drop or 5.07% to settle at $3.28.
Oklahoma energy stocks finished the week with a down day on Friday. Canoo again led the way with a nearly 25% loss. Of those with gains, Unit Corp. recorded a 4% increase.