Brent crude tops $67 on demand outlook

Oil drilling rigs

Oil prices rose on Friday amid evaluation of the supply outlook and a potential increase in output from OPEC+. This also came amid developments of the Russia-Ukraine war. However, conflicting signals on US tariffs continue to weigh on demand expectations.

Brent crude futures for June delivery rose 0.75%, or 51 cents, to $67.06 per barrel at 8:03 a.m. Makkah.

Meanwhile, US West Texas Intermediate (WTI) futures for June delivery rose by 0.85%, or 52 cents, to $63.31 per barrel.

Russian foreign minister Sergei Lavrov said the US and Russia are moving in the "right direction" to end the war in Ukraine. "We are ready to reach a deal, but there are still some specific points - elements of this deal which need to be fine-tuned," Lavrov told CBS News' Face The Nation show.

This comes after Iranian Foreign Minister Abbas Araghchi says he is ready to travel to Europe for talks on Tehran's nuclear program. Successful negotiations with Europe and the US could potentially lead to the lifting of sanctions on Iranian oil exports.