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Oil Nears $70 for Strongest Weekly Rise Since June as Russia Curbs Fuel Exports

Markets weigh Russian fuel restrictions against a possible restart of Kurdish crude shipments.

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Fire breaks out after the Russian aerial and drone attacks on Zaporizhzhia, Ukraine. Getty Images

Overview

  • Brent settled at $70.13 and WTI at $65.72 on Friday, marking the biggest weekly increase since mid-June after a run to multi-week highs.
  • Russia extended its gasoline export ban and imposed a partial diesel export ban through year-end following Ukrainian drone strikes that have strained refining and fuel supplies.
  • Fresh Ukrainian attacks on Russian energy infrastructure, along with NATO warnings over airspace violations, kept a geopolitical risk premium in prices.
  • President Trump intensified pressure on buyers of Russian crude, urging Turkey to halt purchases and signaling tougher measures that traders say could tighten flows.
  • Iraq’s state marketer said Kurdish oil exports to Turkey are scheduled to restart on Saturday, a potential 230,000–500,000 bpd offset, even as a stronger dollar and a 3.8% U.S. GDP revision capped gains.