Oil prices are on track for a significant weekly gain following news that Russia plans to temporarily ban diesel exports from resellers and extend its gasoline-export ban amid Ukrainian drone strikes against refineries.
In early trading Friday, Brent crude ticked 0.1% higher to $68.66 a barrel, while WTI was up 0.2% to $65.13 a barrel. The benchmarks continue to trade in a narrow range, but are up 3% and 4.4% on the week, respectively.
Geopolitical tensions are high, with European diplomats warning the Kremlin that NATO is prepared to take action against further violations of its airspace, including by shooting down Russian planes, according to a Bloomberg report.