03:05 PM EST, 12/13/2024 (MT Newswires) -- The number of oil rigs in the US held steady during the week ended Friday, while crude futures traded higher as risks of an Israeli strike on Iran's nuclear facilities heightened in the aftermath of a sudden collapse of the Bashar Al-Assad regime in Syria.

The count for oil was flat at 482, while gas added a rig to 103, according to data compiled by energy services company Baker Hughes ( BKR ) . The miscellaneous component lost one rig at four.

The US had 501 oil, 119 gas, and three miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed. Overall, 589 rigs were operating in the US as of Friday, down from 623 a year earlier.

Across North America, oil and gas rigs fell by three to 780 as of Friday. The count in Canada also declined by three to 191 rigs.

West Texas Intermediate crude oil was up 1.9% at $71.38 a barrel in Friday late-afternoon trade, while Brent rose 1.6% to $74.55 a barrel. Both were on course for weekly gains.

An recent end to Assad's regime in Syria has stoked uncertainty in a Middle East that's been gripped by conflicts. Israel said Tuesday that it had launched airstrikes against military targets inside Syria, CNN reported Wednesday.

"There is a heightened risk of an Israeli strike on the Iranian nuclear facilities," RBC Capital Markets said in a note emailed Friday. "Israeli airstrikes this week have reportedly weakened Syrian air defense systems, thus providing Israeli jets potential further cover on the route to Iran.

"Officials in both Tel Aviv and Washington have expressed the view that Israel is facing a historic opportunity to deal a decisive blow against the Iranian regime with the Axis of Resistance mortally wounded."

The Organization of the Petroleum Exporting Countries recently cut its global oil demand projections for the fifth consecutive month after certain members of the OPEC and its allies, dubbed the OPEC+, extended oil production cuts.

Price: 42.26, Change: -0.07, Percent Change: -0.18