Oil prices rose on Friday, making the largest weekly gain since July, supported by concerns about the possibility of Western military action in Syria and reports of dwindling global oil inventories. The prospect of military action in Syria that could lead to a confrontation with Russia hung over the Middle East but there was no sign a U.S.-led attack was imminent. Traders sought to lock in long crude oil positions ahead of the weekend, said John Kilduff, Partner at hedge fund Again Capital Management.

“The geopolitical jitters just keep getting priced in here more and more, as we get closer to the moment of the strikes, if there are any,” Kilduff said, noting Syria posed a risk to global stability because of its relationship with other powerful oil producer “Syria is a client state of both Russia and Iran and the risk for escalation is quite high and I think that is what the market is worried about.”

Brent crude LCOc1 recovered from losses early in the session and settled up 56 cents at $72.58 a barrel, with a $5.48 weekly gain, or 8 percent.  U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 32 cents to $67.39 a barrel, up 8 percent for the week.