Brent futures rose $1.96 to $87.96 per barrel as of 0819 GMT, while US West Texas Intermediate crude gained $1.98 to $84.89
Oil prices jumped $2 on Friday after the U.S. tightened its sanctions program against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter.
Despite fluctuations through the week in both benchmarks, Brent was set for a weekly gain of almost 4 per cent, while WTI was set to climb over 2.5 per cent for the week, after both contracts surged on Monday. The uptick was driven by the potential for disruptions to Middle Eastern exports after Palestinian militant group Hamas’ attack on Israel at the weekend threatened a possible wider conflict.
Russia is the world’s second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply. “Supply side issues remained the focus in the crude oil market,” Daniel Hynes, senior commodity strategist at ANZ, said in a note on Friday, adding that prices during early trade on Friday rose on the stronger U.S. sanctions enforcement.
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