Oil increases on worries over new US anti-Iranian sanctions

Brent crude futures were up 30 cents to $56.86 a barrel by 1050 GMT, after settling 24 cents lower at $56.56 in the previous session. Brent was on track to gain more than 2% on the week, its first significant weekly rise this year.

Front month US West Texas Intermediate crude futures climbed 25 cents to $53.79 a barrel, after ending 34 cents down on Thursday. For the week, the contract is up a little over 1%, Reuters reports.

The Trump administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran's ballistic missile test, according to sources familiar with the matter.