NEW YORK (Reuters) -Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand.

Oil prices climbed over 1% on Friday to a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand.

Oil prices are on track for weekly gains as prospects of tighter sanctions against Russia and Iran raise market concerns over supply disruptions. Brent crude and WTI are both up 0.2% at $73.57 and $70.