Oil Hits $110 for the First Time Since May
Traders priced in tighter global supplies as Brent topped $109 and West Texas Intermediate crossed $100, with diesel markets also under strain, analysts said.
- On Friday, Brent crude oil spiked above $109 per barrel, reaching its highest level since mid-September. The global benchmark rose 3.7%, notching a second straight weekly gain as bullish sentiment crystallized amid reports of ongoing conflict in major export centers.
- Escalating military tensions in the Middle East and the Russia-Ukraine war continue to disrupt global energy supplies. Supply concerns intensified as attacks on regional infrastructure surged in recent weeks, constraining available crude and refined products.
- U.S. West Texas Intermediate crude futures rose 2.8% to $100.67, crossing $100 for the first time since September 21. New York diesel settled at $4.90 a gallon, reflecting tightened market supply conditions.
- President Donald Trump eased U.S. sanctions on Russia this month to facilitate a diesel deal, yet lawmakers introduced legislation Friday to block the arrangement. The U.S. also released 17 million emergency barrels from reserves.
- Eurasia Group analysts warned the conflict is likely to escalate, raising intensification odds to 65% from 35%. Market participants remain wary as traders price risk back in ahead of the weekend.
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Oil prices rose more than 3 percent yesterday, due to doubts about the agreement between Washington and Moscow for diesel purchases. Brent gained $3.94 to 109.86, after reaching $110 for the first time since May. The American West Texas Intermediate (WTI) climbed $3.44 to 101.41, the biggest gain since September. The Mexican mix totaled $2.71 to 99.16 a barrel; in the week it accumulated an increase of 4.68 percent.
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