For its part, London’s North Sea Brent rose 4.72% to $115.67, after hovering around the $120 barrier on Thursday.
“Oil markets are in an explosive mood over the growing outrage against Russia,” said Phil Flynn, an analyst at Price Futures Group, adding: “People in the world don’t want to deal with a country that is committing these atrocities in Ukraine.”
In recent days, Washington and its Western allies have imposed sanctions on Russia, but the measures did not affect Russian oil and gas exports.
Brent, the global benchmark, has risen almost 25% since the Russian invasion of Ukraine on February 24.
Several media outlets have suggested that a deal between the United States and Iran is nearing completion, which could return more than a million barrels a day of oil, or about 1% of global supply, to the market. Negotiations to revive the pact have been in Vienna for 10 months and diplomats are now believed to be in the final phase of talks.
Source: Ambito
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