Benchmark global oil markets may already fully reflect the risk of political instability worsening in Egypt and the spill-over effects on the broader region, implying further oil price gains may be limited in scope this week, traders and analysts told CNBC.
"Supply-side constraints and politically-related ones…I always regard as fleeting supports for the price," Tom Price, Global Commodity Analyst at UBS told CNBC's 'Squawk Box' on Wednesday.
Oil prices are still likely to drift higher this week, CNBC's weekly sentiment survey showed, though fundamental investors may try to blunt the advance believing current prices don't reflect well-supplied markets and a slowdown in major emerging market consumers such as China.
"There is still too much oil," said Thomas McMahon, Director of the Pan Asia Clearing Enterprise and former chief executive officer of the Singapore Mercantile Exchange. "But cheap dollars, technical disconnect and Egypt seems to be sweeping this aside. Common sense and supply demand will prevail but maybe not this week."
(Read more: Rising oil prices: Is it really all about Egypt?)
Both Brent crude and U.S. oil futures ended higher for the sixth straight session on Friday, with Brent posting its biggest weekly percentage gain in six weeks as turmoil in Egypt and Libya stoked worries about oil supply security, Reuters reported.
Brent crude oil futures for October delivery finished Friday 80 cents higher at $110.40 a barrel. Brent gained 2 percent on the week, its largest weekly percentage gain since the week to July 5.
U.S. crude oil for September delivery settled 13 cents higher at $107.46, after trading as high as $108.17. U.S. oil futures ended 1.4 percent higher on the week.