Oil prices rose slightly on Friday before a long holiday weekend in the US as wary optimism held over efforts to make peace in the Middle East between the United States and Iran, Reuters reports.

Brent futures were up 17 cents, or 0.24 per cent, to $72.10 a barrel as of 0155 GMT. West Texas Intermediate was up 14 cents, or 0.20pc, to $68.83 a barrel.

During the prior session the two benchmarks hit their lowest levels since before the US-Israeli war on Iran began in late February. Brent for the week was down 0.02pc and WTI up 0.12pc, the smallest weekly movements for both in months.