Mubasher: Oil futures traded higher on Friday, as mounting tensions in the Middle East fanned worries about supply shortages, according to Reuters.

At 7:51 am GMT, international benchmark Brent futures rose by 0.28% to $72.82 per barrel (pb), while US Nymex crude futures climbed by 0.45% to $63.15 pb.

Brent settled 1.2% higher in the previous trading session when prices hit $73.36 pb, the highest level seen since 26 April, while Nymex ended 1.4% higher.

Crude markets continue to rally amid heightened tensions in the Gulf and uncertainty regarding a meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and their allied producers due to be held this weekend to decide the course of action to adjust to the sanctions against Iran, OANDA senior market analyst Edward Moya was cited by Reuters.

In a meeting to be held this weekend, the producer club’s ministerial monitoring committee in Saudi Arabia will assess members’ commitment to an oil supply-cutting pact, the Iraqi oil minister said.

On Thursday, a Saudi-led coalition carried out air strikes against Sanaa, which is currently in the grip of the Houthis, after the Iranian-aligned forces claimed responsibility for the drone attacks against two Saudi crude pumping stations earlier this week.

Moreover, market participants are also anticipating OPEC’s decision on whether to keep in place supply restraints which helped shore up prices by more than 30% until now this year.