Oil prices climbed on Friday after Ukrainian drone strikes disrupted Russia’s energy infrastructure, curtailing fuel exports.
Brent crude closed at US$70.13 a barrel, up 71 cents or 1.02%, while US West Texas Intermediate (WTI) settled at US$65.72, a gain of 74 cents or 1.14%. Both benchmarks are on track for their strongest weekly rise since mid-June.
Market attention remains fixed on the conflict, said John Kilduff of Again Capital, noting that repeated Ukrainian attacks were “beginning to add up.” Russia has already imposed a partial ban on diesel exports through the end of the year and extended an existing gasoline export ban, Deputy Prime Minister Alexander Novak confirmed on Thursday. The restrictions, alongside refinery outages, have led to shortages in some regions.