Oil prices rose on Friday due to the US reinforcing sanctions against Russian crude shipments, causing supply concerns in a tight market.

Global inventories are expected to fall through the fourth quarter.

Brent futures and WTI crude rose 0.6% and 0.8%, respectively.

The US levied sanctions on tankers carrying Russian oil beyond the G7’s $60 a barrel price threshold to penalize Moscow for its invasion of Ukraine.

OPEC maintained its projection for global oil demand growth, citing a healthy global economy and expected demand growth in China.