New Delhi, Oct. 23 -- Indian shares are set to open higher on Friday after three sessions of losses, though gains may prove fleeting due to a spike in oil prices on escalating Middle East tensions.

GIFT Nifty futures were at 22,830.50 at 7:42 a.m. IST, indicating a positive start for the benchmark Nifty 50, which closed at 22,687.65 on Thursday.

Both the Nifty and Sensex indexes are down about 2% so far this week, with sentiment dampened by a rise in Brent crude oil futures to $113.5 a barrel, on concern over further energy disruption after Houthi attacks on top exporter Saudi Arabia.

"Recent price action suggests buyers are attempting to defend lower levels, but sellers continue to emerge on rebounds, keeping the market bias cautious,...