Oil surges to weekly high on geopolitical tensions
Oil prices recorded their largest weekly increase, fueled by US President Donald Trump’s intensified rhetoric against Russia and market concerns over potential supply disruptions from OPEC+ members.
Brent traded below $68 a barrel after gaining 1.6% on Tuesday, while West Texas Intermediate was above $63, News.Az reports, citing Bloomberg.
Trump said he thought NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine’s chances of winning the war. He also reiterated the need for Europe to cut its energy purchases from Moscow.
“China and India are the primary funders of the ongoing war by continuing to purchase Russian oil,” Trump said in a speech at the United Nations General Assembly in New York on Tuesday. “But inexcusably, even NATO countries have not cut off much Russian energy and Russian energy products.”
Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by Ukrainian drones on its energy infrastructure, including pipeline facilities, that have put the nation’s supply in focus.
Gasoil, a category that includes diesel, settled 2.4% higher in Europe on Tuesday, its biggest gain in three weeks.
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