03:29 PM EDT, 08/09/2024 (MT Newswires) -- The number of oil rigs in the US rose by three for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil increased to 485 from 482 on a weekly basis. The tally for gas fell by one to 97, while miscellaneous rigs were flat at six. A year earlier, the US had 525 oil, 123 gas and six miscellaneous rigs in operation, company data showed.

Overall, 588 rigs were operating in the US this week, down from 654 a year earlier. Among US states, the rig count for Texas rose by two, while Louisiana lost one.

Across North America, oil-and-gas rigs held steady on a weekly basis at 805, compared with 844 at the same point last year. The count in Canada decreased by two to 217 rigs.

West Texas Intermediate crude oil was up 0.8% at $76.81 per barrel in Friday late-afternoon trade, while Brent rose 0.5% to $79.53 a barrel. Both were on course for a weekly gain after four consecutive weeks of declines.

There were "persistent fears of a wider Middle East conflict," D.A. Davidson wrote in a note. Last week, Iran accused Israel of assassinating Hamas leader Ismail Haniyeh in Tehran and vowed to retaliate.

Reports suggest that "Iran wants to avoid a region-wide war that could disrupt oil and gas flows from the Middle East," according to a report from Saxo Bank. However, supply risks remain, particularly because of a production halt at Libya's biggest oilfield, Head of Commodity Strategy Ole Hansen said.

Price: 34.95, Change: -0.26, Percent Change: -0.72