Oil prices poised for biggest weekly gain in three months

26 Sep 2025 15:54
26 Sep 2025 16:10

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Economics
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Oil prices poised for biggest weekly gain in three months

Photo: Bloomberg

Oil is on track for its strongest weekly rise in over three months as U.S. President Donald Trump ramps up pressure on buyers of Russian energy in an effort to hasten the end of the war in Ukraine.

Brent was steady above $69 a barrel on Friday, and is up about 4% this week, News.Az reports, citing Bloomberg.

Trump pressed Turkish President Recep Tayyip Erdogan to stop buying oil from Russia and discussed energy security with Hungarian Prime Minister Viktor Orban, after earlier this week rebuking NATO members for buying fuel from the OPEC+ producer.

Türkiye “has a lot of options,” while Hungary and Slovakia are landlocked, and are “sort of married to one pipeline,” Trump told reporters in the White House.

That comes as Russia’s physical supplies are pressured by Ukrainian drone strikes on energy infrastructure. Meanwhile, European diplomats warned the Kremlin this week that the North Atlantic Treaty Organization is ready to respond to further violations of its airspace with full force, including by shooting down Russian planes, according to officials familiar with the exchange.

Still, this week’s gain has failed to lift oil out of a tight trading band it’s been in since early August, as investors weigh a loose market balance against rising geopolitical tensions. Forecasters including the International Energy Agency anticipate a surplus later this year, driven by increased output from OPEC and its partners, as well as from producers outside the group, especially in the Americas.

Global supplies are set to increase further as exports from the Kurdistan region in Iraq through a pipeline to Turkey’s Ceyhan port are set to resume Saturday. Following a halt of more than two years, the resumption of shipments will initially bring 230,000 barrels a day to international markets, rising to as much as half a million barrels a day in future.

News.Az