WTI crude rose 1% to settle at $67 per barrel Friday, after US President Donald Trump threatened to impose sanctions on Russia if it fails to reach a cease-fire with Ukraine.
Trump stated that he was “strongly considering” sanctions on Russian banks and tariffs on Russian products due to ongoing attacks by Russia in Ukraine.
Early in the day, WTI crude reached $68.22 following comments from Russia’s Deputy Prime Minister Alexander Novak, who indicated that the OPEC+ group would continue its planned output increase in April but could adjust production levels afterward.
Despite these developments, market sentiment was dominated by concerns over Russia’s actions, overshadowing other news, such as the situation in Israel and Hamas.
Meanwhile, OPEC+ plans to increase output in April, alongside the potential restart of the Kirkuk-Ceyhan pipeline and rising production at Kazakhstan’s Tengiz field, fueling oversupply fears.