International Benchmark Brent crude traded at $73.28 per barrel at 15.03 GMT+2 while American benchmark West Texas Intermediate (WTI) saw prices of $71.38 per barrel on Friday.
Brent crude increased to $77.90 per barrel on Thursday after President Donald Trump announced Tuesday that he would withdraw the U.S. from the Iran nuclear deal. Such a high level has not been seen since November 2014.
The U.S.' sanctions on Iran will take full effect until Nov. 4. The level of foreign investment is expected to lower in the country's energy sector, as well as in its oil production and exports following the implementations of the sanctions.
Although Saudi Arabia said Wednesday that it would help stabilize global oil markets in order to support oil prices, investors maintained their strong buying position in the market.
'I would like to confirm our commitment to oil market stability for the benefit of producers & consumers, #Saudi will work closely with major OPEC, non-OPEC producers & with key consumers to mitigate the effects of any supply shortages,' Saudi Energy Minister Khalid Al-Falih wrote Wednesday on his Twitter account.
Investment banking giant Bank of America Merrill Lynch detailed in a report on Thursday the risk of crude oil prices hitting $100 per barrel next year due to the tightening of supply and demand balance in the global oil market.
By Huseyin Erdogan
Anadolu Agency
energy.com.tr