Iran's light crude gained $1.48, settling at $52.41 per barrel in the week. The crude has averaged $49.17 a barrel so far in 2017, Mehr News Agency reported on Sunday, citing a report by the Oil Ministry.
The price of Iran Heavy, one of the country's main export grades, reached $50.69, up $2.18 cents from the previous week.
The price of OPEC basket of 14 crudes stood at $53.63 a barrel on Thursday, compared with $52.92 the previous day, OPEC Secretariat calculations showed.
According to Financial Tribune, OPEC said in its latest monthly report on Tuesday that Iran Heavy traded at $48.70 per barrel in August, an increase of 5.8% from July. However, the 2017 average continued to remain below the $50 per barrel mark last month at $49.27 a barrel, according to OPEC calculations.
The weekly gains in Iran's oil prices reflects a slow recovery in the global market, buoyed by a spate of refinery shutdowns in the US following two devastating hurricanes that swept across southern parts of the United States.
Hurricanes Harvey and Irma temporarily affected one-fourth of the US refining capacity in recent weeks. That and speculations over a possible extension of OPEC-led supply cuts have pushed up benchmark oil prices.
Brent oil prices held near five-month highs on Friday, touching an intraday high of $55.85 a barrel before settling at $55.44. US West Texas Intermediate crude was down 21 cents at $49.68 a barrel. The contract looked set for a nearly 5% weekly gain—its strongest in almost two months.
Some members of the Organization of Petroleum Exporting Countries and non-OPEC producers have signaled that they are ready to extend a deal to cut 1.8 million barrels per day from the market through June next year. The deal was previously extended by nine months through March 2018.
Data show the compliance with planned cuts was 94% in August, up from 85% in July.
However, gains have been limited as storms have disrupted crude imports by the world's largest oil consumer, adding more barrels to bloated inventories that otherwise would have been shipped into the United States.
Paris-based International Energy Agency said last week that the oil glut is shrinking, thanks to strong European and US demand, as well as production declines in OPEC and non-OPEC countries, raising the short-term prospect for higher prices.