Brent crude futures rose 1.34%, to $70.39 a barrel by 12h17 CAT. US West Texas Intermediate futures rose 1.33%, to $67.24 a barrel.

"The OPEC+ decision to unwind voluntary cuts sent oil prices tumbling below $69 a barrel, and today the market is bouncing back with comments from Treasury Secretary Scott Bessent indicating the US aim is to reduce Iranian crude exports to a trickle," said Harry Tchilinguirian at Onyx Capital Group.

"We think many price-sensitive buyers, like Chinese refiners, are coming out of the woodwork to pick up attractively priced Brent."

However, for the week Brent is down 3.8%, set for its biggest weekly decline since the week of November 11. WTI is set to finish 3.7% down for its biggest weekly drop since the week of January 21.

US President Donald Trump's administration is considering a plan to inspect Iranian oil tankers at sea, Reuters reported on Thursday, citing sources familiar with the matter, continuing efforts to drive down Iranian oil exports to zero.

--Reuters--