Oil gains as Iran downplays reported Israeli attack

Brent futures settled up 18 cents, or 0.21%, at US$87.29 a barrel. The front month US West Texas Intermediate (WTI) crude contract for May ended 41 cents higher, or 0.5%, to US$83.14 a barrel.

NEW YORK: Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided.

Brent futures settled up 18 cents, or 0.21%, at US$87.29 a barrel.