Oil futures saw a modest gain Friday to finish higher for the week, buoyed by more data backing up production cuts by major oil producers, but prices show little reaction to news that the U.S. has imposed sanctions on Iran, one of the world’s top 10 crude-oil producers.

Concerns over the potential for a sizable increase in U.S. producers, especially following data Friday which revealed a third straight weekly rise in the number of active domestic oil rigs, has kept oil prices in a tight trading range.

On the New York Mercantile Exchange, March West Texas Intermediate crude US:CLH7 tacked on 29 cents, or 0.5%, to settle at $53.83 a barrel. For the week, prices gained around 1.2%, according to data from Dow Jones. April Brent crude UK:LCOJ7, the global oil benchmark, rose 25 cents, or 0.4%, to $56.81 a barrel on London’s ICE Futures exchange, with front-month contract prices about 2% higher on the week.

The U.S. Treasury announced Friday that it has imposed new sanctions on Iran following its ballistic missile test launch. It has sanctioned more than two dozen businesses and individuals for their alleged role in support the missile-testing program, according to The Wall Street Journal.

According to the news agency, U.S. officials, however, said the sanctions didn’t violate the nuclear agreement the U.S. reached with Tehran back in 2015. Under that deal, Washington maintained the right to blacklist Iranian companies and personnel involved in missile development and terrorism.

Read:Why the oil market shrugs at Trump’s warning to Iran

Jenna Delaney, oil analyst with Platts Analytics, the forecasting and analytics unit of S&P Global Platts, said the news on Iran caused an “initial pop” in Brent oil prices when the headline hit, but prices came back down as “further statements confirmed the new sanctions wouldn't impact the Joint Comprehensive Plan of Action deal, which had resulted in the lifting of sanctions against oil exports from Iran.”

“While there is always the possibility of new or further geopolitical risks arising, the market will now return its focus to supply and demand,” she said.

Read:What Trump did to gold, oil and other commodities in January

Analysts generally believe that the Organization of the Petroleum Exporting Countries is complying with more than 80% of its targeted production cuts, in place since the start of the year, in an effort to address a global glut in supply.

Data from the Russian Energy Ministry Thursday showed the country’s production of oil and condensate dropped by around 100,000 barrels a day in January from the previous month. The report raised hope that oil-producing nations beyond OPEC are adhering to a deal that calls for a collective reduction in output of 1.8 million barrels a day, or roughly 2% of the world’s daily production.

Data on OPEC’s January production will be released mid-February. OPEC is scheduled to meet in June to review the effectiveness of the pact and the cartel could suggest extending the deal for more months.

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A fully implemented deal could swing the oil market to a 900,000-barrel-a-day deficit by the third quarter, said Citi Futures Analyst Tim Evans. “Of course, that assumes the production limits are extended beyond the initial six-month period, which can’t be taken for granted,” he said.

Still, increased supplies from the U.S. risk undercutting OPEC’s effort to remove oversupply. Moreover, non-U.S. oil nations may be enticed to crank up their operations in defense of their market share.

Data from Baker Hughes Friday showed that the number of active U.S. rigs drilling for oil rose by 17 to 583 this week. The data, which serves as a proxy for oil activity, marked the third straight week of increases.

According to the Energy Information Administration’s latest forecast, U.S. crude-oil production will expand from an average of 8.9 million barrels a day in 2016 to 9.3 million barrels a day in 2018.

Back on Nymex, March gasoline US:RBH7 edged up by 2.1 cents, or 1.4%, to $1.554 a gallon, with prices about 0.1% higher on the week, according to Dow Jones data, while March heating oil US:HOH7 was up 1.3 cents, or 0.8%, at $1.665 a gallon, with front-month prices tacking on about 1.9% for the week.

March natural gas US:NGH17 ended at $3.063 per million British thermal units, down 12.4 cents, or 3.9%. It lost roughly 8.8% from a week ago.