Oil prices rose more than 1 percent on Friday, with Brent climbing to a fresh four-year high, as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.
Brent crude futures rose $1, or 1.2 percent, at $82.72 a barrel by 2:28 p.m. ET. The session high of $82.87 was its highest since Nov. 10, 2014. In the third quarter, Brent has so far gained about 4 percent.
U.S. light crude ended Friday's session up $1.13 at $73.25 a barrel, a 1.6 percent gain. The session high of $73.73 was the highest since July 11. The contract is up almost 4.9 percent this month but down 1.2 percent for the quarter.
"The market is coming to grips with the fact that the Iranian sanctions are not that far away," said Phil Flynn, an analyst at Price Futures Group in Chicago. "It's going to tighten the market."