Oil prices rose on Friday, heading for a fourth consecutive week of gains as the latest U.S. sanctions on Russian energy trade hit supply, pushing up spot trade prices and shipping rates.

Good news for the administration of president Tinubu as oil prices rises to highest level in the last four month giving hope for more revenue for government.

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.