03:00 PM EST, 11/14/2025 (MT Newswires) -- The number of oil rigs in the US rose by three in the week through Friday, while crude prices were headed for weekly gains as renewed geopolitical concerns stoked supply fears.

The count for oil increased to 417 rigs from the previous week's 414, according to data from energy services company Baker Hughes ( BKR ) . The tally for gas fell by three to 125, while miscellaneous rigs increased by one to seven.

The US had 478 oil, 101 gas and five miscellaneous rigs in operation a year earlier. Among US states, New Mexico added two rigs, while North Dakota and Oklahoma lost one each.

Across North America, the oil and gas rig count dropped by two to 737, with Canada's tally down by three at 188, the data showed.

West Texas Intermediate crude oil was up 2.3% at $60.06 a barrel in Friday late-afternoon trade, while Brent jumped 2.2% to $64.39. Both benchmarks were on track for gains for the week following two back-to-back weekly declines, with the WTI up 0.5% and Brent rising 1.1%.

"Geopolitics returned to the forefront following a Ukrainian drone attack on Russia's Black Sea port of Novorossiysk, a major export artery for both crude and grains," Saxo Bank Head of Commodity Strategy Ole Hansen said in a Friday report.

Following the attack, which reportedly damaged a ship in the port and an oil depot, the port paused oil exports and oil pipeline monopoly Transneft suspended crude supplies to the outlet, Reuters reported Friday, citing industry sources.

Earlier this week, the Organization of the Petroleum Exporting Countries kept global oil demand growth estimates unchanged, while the cartel raised its liquids supply outlook for this year. The International Energy Agency raised its global oil supply growth estimates for 2025 and 2026 and warned that market balances appear "increasingly lopsided," with demand lagging.

"The short-term setup remains dominated by oversupply, with months of rising OPEC+ output and steady non-OPEC growth lifting inventories heading into winter," Hansen said Friday. "The longer-term narrative has become incrementally more supportive. The IEA now warns that natural declines could erode around 5.5 million barrels per day of capacity annually unless new projects are sanctioned."

Price: 48.44, Change: +0.93, Percent Change: +1.96