LONDON—Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown.
Brent crude was up $1.13, or 0.9 percent, to $120.94 a barrel at 1016 GMT, and U.S. West Texas Intermediate (WTI) crude had gained $1.03, or 0.9 percent, to $118.62.
Both contracts had fallen by more than $1 earlier in the session.
Brent was on track for its first weekly dip in five weeks, and U.S. crude for its first decline in eight weeks, in line with a fall in equity markets amid fears of a possible recession as central banks joined a chorus of outsized rate hikes….