Oil Prices Supported by Iran Sanctions, Even As U.S. Producers Add 17 Rigs

Oil prices pared gains Friday as U.S. oil producers ramp up production, adding 17 rigs in the past week. The build this week, pushes the overall rig count to 729, blowing away last year's count of 571.

Following the report, oil prices dropped slightly, but were still in the green. U.S. Benchmark WTI crude settled at $53.83, while Brent crude futures were around $56.81.

Prior to the rig count, oil prices had been extending gains following a new round of Iran sanctions. The U.S. Treasury department announced sanctions against 13 individuals and 12 entities, just hours after President Trump said OPEC's third-largest producer was "playing with fire."