Brent Crude Settles at $70.10 – Posts Largest Weekly Gain in Over Three Months

Brent crude futures closed today at approximately $70.10 per barrel, marking a significant milestone as oil markets logged their largest weekly gain in more than three months.

Trading Economics

Drivers Behind the Rally.
Supply Constraints from Russia: Moscow’s decision to cut fuel exports, particularly diesel and gasoline, has tightened supply.

Escalated Geopolitical Risks: Ukrainian drone strikes targeting Russian energy infrastructure have heightened the risk premium on oil markets.

Surprise Inventory Draws: Unexpected declines in U.S. crude stockpiles added further support to the price rally.

Market Outlook

Analysts caution that while the upswing is driven by immediate supply disruptions and heightened geopolitical tension, sustaining momentum will depend on demand recovery, OPEC+ decisions, and continued inventory trends in major consuming nations.

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