¬†Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown. Brent crude was up 62 cents, or 0.5%, to $120.43 a barrel at 0856 GMT, and U.S. West Texas Intermediate (WTI) crude had gained 75 cents, or 0.6%, to $118.34. Both contracts had fallen by more than $1 earlier in the session. Brent was on track for its first weekly dip in five weeks, and U.S. crude for its first decline in eight weeks, in line with a fall in equity markets amid fears of a […]