03:43 PM EDT, 04/19/2024 (MT Newswires) -- The number of oil rigs operating in the US advanced by five this week, according to data compiled by energy services company Baker Hughes (BKR), while crude prices were on track to post a weekly decline.

The weekly count for oil increased to 511 from 506, while gas lost three week to week at 106, Baker Hughes said Friday. The miscellaneous tally remained unchanged at two. A year earlier, the US had 591 oil, 159 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 619 rigs were operating in the US this week, down from 753 a year earlier. Among US states, top producer Texas added two rigs to 296, while Oklahoma and Louisiana each added one.

Across North America, oil-and-gas equipment dropped by 12 on a weekly basis to 746, compared with 858 at the same point last year. The count in Canada decreased by 14 to 127 rigs, with its oil tally dropping by 10 to 60 while gas lost four at 67.

West Texas Intermediate crude oil edged up 0.5% at $83.17 per barrel in Friday late afternoon trade but was on course for its biggest weekly decline since the week starting Feb. 18.

"Crude oil prices fluctuated as a stronger (US Dollar) offset rising tensions in the Middle East," Australia and New Zealand Banking Group said in a Friday note. Israel launched a retaliatory strike on Iran early Friday morning, with explosions heard in the city of Isfahan, NBC News reported. Iranian officials reportedly downplayed the impact of a possible strike by Israeli.

Investors are eyeing potential global supply disruptions elsewhere in the world as well, including attacks that are disrupting commercial shipping in the Red Sea and the US's recently reinstated sanctions on Venezuela's oil industry, according to Stifel and ANZ.

"With disruptions to the Suez Canal alone resulting in near record volumes of oil in transit as well as higher fuel demand stemming from alternative shipping routes, global supply disruptions have led to a near 20% rise in WTI since the start of the year," Stifel Chief Economist Lindsey Piegza said Friday.