Oil prices extended gains on Friday and were on track for a second consecutive weekly gains, which come amid new U.S. sanctions against Iran and a new plan by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut production. Oil contracts for both grades rose 0.2%. In weekly terms, Brent and WTI were on track for gains of about 2%, which could be their biggest weekly gains since the first week of 2025. On Thursday, the U.S. Treasury Department announced new sanctions related to Iran, targeting for the first time an independent Chinese oil refinery refinery, as well as other companies and vessels involved in shipping Iranian oil to China. This is Washington's fourth round of sanctions against Iran since U.S. President Donald Trump in February pledged to renew a campaign of "maximum pressure" on Tehran, declaring his intention to bring Iran's oil exports to zero. Iranian oil exports to zero.