Chief Executive Officer of the French oil company Total called petroleum sanctions against Iran a “mistake” that would only hurt the people of Iran.

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Crude oil futures traded $2.56 higher on Friday to close at $79.07 a barrel. There was no fundamental news to push the market higher other than fears of a possible hurricane forming in the Gulf of Mexico.

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World oil demand will grow faster than earlier expected through 2015 due to stronger economic growth, particularly in developing countries like China and India, the International Energy Agency forecast on Wednesday.

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Crude oil gained more than one percent on Monday after China pledged to make its currency more flexible, raising expectations of higher demand from the world’s second largest energy consumer .

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The amount of oil gushing into the Gulf of Mexico from the ruptured BP oil well may be a lot more than the company has been publicly saying. Estimates, of 100-thousand barrels a day have emerged from a BP document.

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Oil prices dropped to $77 a barrel Thursday as investors lost confidence in a three-week rally amid signs of weak crude demand in the U.S., the world’s biggest energy consumer.

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Iran has discovered 30 billion barrels of oil in place at a southwestern oilfield that borders Iraq, the Jomhuri-ye Eslami newspaper reported on Tuesday.

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Acting under heavy pressure from the Obama administration, BP Wednesday agreed to suspend its quarterly dividend immediately and establish a $20 billion escrow fund toward damages and claims arising from its disastrous Gulf oil spill.

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The price for a barrel of crude oil dropped under $75 per barrel Monday on the New York Mercantile Exchange.

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Phasing out fossil fuel subsidies should cut greenhouse gas emissions by 10 percent from levels they would otherwise reach in 2050, the OECD said Wednesday.

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