Crude futures posted on Friday their largest weekly advance since the end of February as U.S.-Iran tensions revisited this week the peaks of the Middle East conflict, now approaching its fifth month.

Oil futures rose more than 2% Friday morning amid intensifying reciprocal attacks between the U.S. and Iran and were on track for the largest weekly increase since April.

Oil futures were little changed on Thursday as market participants remained on the sidelines despite escalating hostilities between the United States and Iran, with traffic through the Strait of Hormuz continuing at a slow pace.

Oil and product futures edged higher Thursday morning.

Oil futures were mixed on Wednesday amid high volatility as traders adopted a wait-and-see approach towards the evolving Middle East conflict, overlooking weekly U.S. government data showing a decline in crude oil inventories.

Oil futures rose for the third consecutive trading day Wednesday morning on growing supply risks after the U.S. launched fresh strikes on Iran and reimposed its blockade of Iranian ports.

Oil futures continued their upward trend Tuesday as the escalating U.S.-Iran conflict and the Trump administration's decision to withdraw a proposal for 20% fee charge on ships transiting the Strait of Hormuz.