Oil prices rose on Friday after reports that Iran was preparing to launch a strike from Iraq in retaliation against Israel in the coming days, but record U.S. production weighed on prices.
Brent crude futures rose 29 cents, or 0.4 percent, to settle at $73.10 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3 percent, to settle at $69.49 a barrel.
Both crudes rose as much as $2 a barrel at times in the session.
The American news website Axios quoted two unidentified Israeli sources on Thursday as saying that Israeli intelligence information indicates that Iran is preparing to attack Israel from Iraqi territory in the coming days, perhaps before the upcoming US presidential elections on November 5.
The two countries have been exchanging blows as the war in the Middle East widens. Most of Iran's air strikes on Israel in early October and in April were repelled, causing only minor damage.
Brent ended the week down about 3.4 percent and WTI down about 3.2 percent.
Oil prices are supported by expectations that OPEC+ may postpone a planned increase in oil production in December for a month or more, due to concerns about weak oil demand and rising supplies.
