STORY: Oil prices rose on Friday, but were on track for their first weekly fall since early February.
It comes after U.S. President Donald Trump extended a pause in attacks on Iran's energy plants.
Though investors were still unsure about hopes for a ceasefire in the conflict.
Brent crude futures rose close to 3% to $111 a barrel by morning time in Europe.
The Brent benchmark has jumped by more than half since February 27.
That was a day before the U.S. and Israel launched strikes against Iran.
But the benchmark was down 1.1% this week.
One analyst warned any direct damage to oil infrastructure or a long conflict could force markets to quickly reprice higher.
Trump has extended his deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy infrastructure.
The U.S. has also sent thousands of troops to the Middle East as Trump considers the use of ground forces.
An Iranian official told Reuters a 15-point U.S. proposal was conveyed to Tehran by Pakistan.
But they called it "one-sided and unfair."
The conflict has taken about 11 million barrels per day out of global oil supply.
The International Energy Agency has called the crisis worse than the two 1970s oil shocks combined.
