Doha: Oil prices edged higher on Friday after US President Donald Trump indicated he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while concerns over tariffs and rising OPEC+ output limited the gains.

According to Qatar News Agency, Brent crude futures increased by 19 cents, or 0.28%, reaching $68.83 a barrel. Meanwhile, US West Texas Intermediate crude rose by 24 cents, or 0.36%, to $66.81 a barrel.

Throughout the week, Brent crude has gained 0.8%, whereas WTI has seen a slight dip of 0.2%. The market experienced a significant drop on Thursday, with both contracts losing more than 2%. This decline was attributed to investor concerns over the potential impact of President Trump's changing tariff policy on global economic growth and oil demand.