Oil prices started high on Friday after an Iranian oil tanker off Saudi Arabia’s city of Jeddah was hit.
An oil spill occurred following the explosion that damaged the Iranian tanker in the Red Sea, according to Iranian state-run news agency IRNA.
After the explosion, oil prices rose.
International benchmark Brent crude was trading at $60.53 per barrel at 0721 GMT on Friday for a 1.25% gain after closing Thursday at $59.77 a barrel.
American benchmark West Texas Intermediate hit $54.43 per barrel on Friday with a 0.99% gain from Thursday's close.
Oil prices were also pushed upward after OPEC's secretary general said on Thursday that its members would consider deeper supply cuts to balance the oil market.
Mohammad Barkindo, secretary general of OPEC, added that a decision would be taken at a meeting in December.
Meanwhile, the first day of the two-day scheduled trade talks between the U.S. and China got off to a good start on Thursday.
After Thursday's talks, U.S. President Donald Trump is set to meet Chinese vice premier in the White House on Friday.
By Zeynep Beyza Kilic