Oil prices closed the week up more than 5%, with global benchmark Brent crude rising to close at a two-year peak, due to strong US economic data and expectations of a recovery in global demand, which overshadowed concerns about an increase in Iranian supply once sanctions were lifted.

Brent crude rose 17 cents, or 0.2 percent, to set the settlement price at $69.63 a barrel, its highest close since May 2019.

While US West Texas Intermediate crude increased 53 cents, or 0.79 percent, to close at $ 66.32 a barrel.

Analysts expect a recovery in global oil demand to approach 100 million barrels per day in the third quarter of the year due to the summer travel season in Europe and the United States, following large-scale vaccination programs against Covid-19.