Oil heads for weekly gain on renewed US-Iran hostilities and threat of Red Sea closure

"Oil security is still a critical issue," International Energy Agency Executive Director Fatih Birol said on Thursday at a Council on Foreign Relations event in Washington.

"We should be worried, and I am worried, if the situation does not improve in the next few weeks," he said.

Meanwhile, Qatar's defence ministry said its armed forces thwarted an Iranian missile attack early on Friday and the interior ministry said a child was injured by shrapnel resulting from interception operations.

One of Kuwait's power generation and water desalination stations was hit by an Iranian attack, Kuwait's electricity ministry said on Friday.

In a different conflict zone, Ukraine's military said on Friday it struck a Russian oil refinery in the Yaroslavl region on Thursday.