Oil prices ticked up on Friday, and were poised to wrap up the week muted as Reports indicating renewed appeals for a Israel-Hamas ceasefire pointed to reduced supply disruptions in the Middle East.

US crude futures advanced 0.3% at $81.33 per barrel and Brent Crude edged up by 0.3% to $86.01 per barrel.

According to Reuters, the U.S. is preparing to propose a United Nations draft resolution calling for an immediate ceasefire in Gaza, with the action anticipated as early as Friday.

A truce would mean a de-escalation of the Israel-Hamas confrontation and could allay concerns about supply interruptions brought on by the fighting, especially in light of Houthi strikes along Red Sea maritime routes.

Additionally, U.S. Secretary of State Antony Blinken expressed confidence that negotiations in Qatar may result in a ceasefire in Gaza.
 

On the other hand, the expectation of tighter global supply and rising demand caused the market to consolidate close to the four-month highs observed earlier in March.