WTI crude oil futures advanced 3.6% to settle at $76.57 per barrel on Friday, levels not seen since October, as fresh U.S. sanctions on Russia's oil sector, sparked concerns about global supply disruptions.
The U.S. Treasury's sanctions target Russian oil producers Gazprom Neft and Surgutneftegas, as well as over 180 vessels, oil traders, and energy officials, aiming to restrict Russia's oil trade and escalate geopolitical risks.
Additionally, colder U.S. weather has heightened demand for heating fuels, further supporting oil prices. Analysts from Goldman Sachs and UBS predict that supply constraints, including those from Iran, and a global economic slowdown could cause oil prices to fluctuate throughout 2025. The oil benchmark recorded a weekly gain of 3.5%.
Source : Trading Economics
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