Oil ends week mixed on geopolitical uncertainty, supply hopes | Reuters

Oil ends week mixed on geopolitical uncertainty, supply hopes | Reuters

Oil prices ended the week mixed on Friday, with U.S. crude snapping eight weeks of gains, as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.

Brent crude futures settled 57 cents, or 0.6%, higher at $93.54 a barrel, while U.S. West Texas Intermediate (WTI) crude ended down 69 cents, or 0.5%, ato $91.07 a barrel.

Both benchmarks hit their highest levels since September 2014 on Monday, but the prospect of easing oil sanctions against Iran has weighed on the market. Brent posted a small 0.9% rise in its ninth straight week of gains while WTI fell 1.7% this week.

Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks.