Oil prices rose on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from sanctions while icy conditions in parts of the United States and Europe are expected to drive up fuel demand.

Crude oil prices rose to a three-week high amid mounting concerns over supply disruptions and increasing demands. However, technical analysts caution that oil markets may be over-bought.

Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.

Oil prices hit a near three-month high on Wednesday as concerns about supply disruptions and optimism over rising demand supported the market. “Concerns over Iranian and Russian oil flows will also be providing some support,