Brent was on track for its highest close since June 2014 and WTI for its highest close since May 2011. During the week, Brent rose to its highest intraday since May 2012 and WTI to its highest since September 2012. 2008.
Brent crude futures were trading up $3.36, or 3%, at $113.86. US West Texas Intermediate (WTI) oil futures were up $3.43, or 3.2, at $111.10 a barrel.
“The Russian invasion of Ukraine means that supply fears will remain in the spotlight,” said Stephen Brennock of oil broker PVM, though he added there is “a new sense of urgency from all parties involved” to revive the Iranian nuclear deal. * Crude oil hit its highest level in a decade this week and prices are set to post their biggest weekly gains since mid-2020, with the US benchmark rising more than 18% and Brent up 13%.
On Thursday, prices oscillated in a $10 range but closed lower for the first time in four sessions as investors focused on the potential revival of the Iran nuclear deal, which is expected to boost oil exports. Iran and alleviate supply shortages.
Proximity talks between Iran and the United States on reviving the 2015 nuclear deal are close to reaching a deal, Britain’s top envoy said on Friday.
Oil prices are climbing on fears that Western sanctions over the Ukraine conflict will disrupt shipments from Russia, the world’s biggest exporter of crude and petroleum products combined.
Russian crude trading activity has slowed as traders hesitate to make sanctions purchases, while US President Joe Biden comes under increasing pressure to ban US imports of Russian oil.
Source: Ambito
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