Oil prices held steady on Friday and remained on track to post the longest run of weekly gains in four months amid bets that U.S. sanctions against Iran will tighten markets.
Global benchmark Brent crude was up 20 cents or 0.25 percent at $ 81.58 a barrel on London's Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were little changed at $72.11a barrel.
Oil markets are facing mounting supply uncertainty before U.S. sanctions against Iran take full effect in early November.
Major oil trading houses have warned that a supply crunch could propel prices to $100 a barrel after OPEC and its allies showed little sign they would heed U.S. demands to raise output. Declining output in Venezuela is also expected to help push prices back to levels last seen in 2014.
But some analysts and strategists remain unconvinced about Brent reaching $100 a barrel this year.
Goldman Sachs analysts wrote in a note that another supply catalyst beyond Iran would likely be needed for prices to meaningfully break to the upside.
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