Oil prices rose on Friday, heading for weekly gains as renewed concerns over Middle East supply disruptions resurfaced after fresh fighting between the United States and Iran this week disrupted shipping traffic in the Strait of Hormuz.

Brent crude futures gained 19 cents, or 0.25%, to $76.49 a barrel. U.S. West Texas Intermediate crude rose 19 cents, or 0.26%, to $72.27.

On a weekly basis, Brent is on track to gain 6% and U.S. crude 5%.

"Prices have pulled back from mid-week highs, but there remains a significant risk premium with traffic through the Strait of Hormuz grinding to a near halt, with no clear signs of when normal operations can resume," said Vandana Hari, founder of oil market analysis firm Vanda Insights.

"However, the market's confidence that the U.S. and Iran will return to the diplomatic track to resolve the matter seems to be capping the upside," Hari added.