03:37 PM EDT, 06/13/2025 (MT Newswires) -- The number of oil rigs in the US fell by three in the week through Friday, while crude prices were headed for their second consecutive weekly gains as Iran struck back at Israel with missiles.

The count for oil dropped to 439 from last Friday's 442 tally, while gas lost one to 113, data compiled by energy services company Baker Hughes ( BKR ) showed. Miscellaneous rigs were unchanged at three.

The US had 488 oil, 98 gas and four miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 555 rigs were operating in the US, down from 559 the week before and 590 a year earlier.

Across North America, the oil and gas rigs count increased by 20 to 693, as Canada added 24 rigs to 138.

West Texas Intermediate crude oil was up 8.7% at $73.99 a barrel in Friday afternoon trade, while Brent climbed 8.4% to $75.19 a barrel. Iran fired ballistic missiles at Israel on Friday, in response to Tel Aviv's airstrikes targeting Tehran's nuclear facilities and military infrastructure, CNBC reported, citing Iran's state news agency and Israel Defense Forces.

ING Bank previously said that an escalation in the Israel-Iran conflict that leads to a loss of Iranian oil flows could drive oil prices toward $80 a barrel, potentially reaching $120 if shipping through the Strait of Hormuz is also impacted.

Both crude benchmarks were on track for their second straight weekly gains, with WTI rising about 14% and Brent advancing 12%.

The conflict has renewed fears of a broader conflict "in a region responsible for a third of global oil output," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report.

President Donald Trump urged Iran to reach a nuclear deal with Washington, according to his Friday posts on the Truth Social platform.

"It is worth noting that no energy installations have been impacted by the Israeli strikes, so unless Iran decides to drag other nations, especially the US into the conflict, the risk of a supply disruption remains low and should over time reduce the risk premium currently priced into the market," Hansen said.

ING estimates that Iran produces about 3.3 million barrels of crude oil per day and exports 1.7 million barrels in the region.

Price: 39.19, Change: +0.56, Percent Change: +1.45