Oil
Oil prices settled higher on Friday, reversing earlier losses, as traders worried that last week's talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.
Brent crude futures settled at $68.05, and US West Texas Intermediate crude (WTI) finished at $63.55. For the week, Brent fell 3.7%, while WTI dropped 2.5%.
Iran and the US held negotiations via Omani mediation to try to overcome sharp differences over Tehran's nuclear program.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world's total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does fellow Opec member Iran.
Gas
Asia spot liquefied natural gas fell last week from a nine-week high as mild weather and healthy storage weighed on demand.
The average LNG price for March delivery into north-east Asia was $10.70 per million British thermal units (mmBtu), down from $11.35 per mmBtu the week before.
Prices are expected to trade slightly bearish as the near-term demand outlook remains soft, weighed down by warmer February temperatures in India, weaker-than-expected January inventory draws in China, and LNG stocks in Japan and South Korea sitting above five-year averages, analysts said.
In Europe, the Dutch TTF gas price settled at $12.07 per mmBtu, posting a weekly loss of 15.1%, as expectations of milder temperatures curbed demand and as tensions in the Middle East have eased.
