FX.co ★ WTI Crude Posts Biggest Weekly Gain in Over 3 Months

West Texas Intermediate (WTI) crude experienced a notable increase of 1.1% on Friday, closing at $65.70 per barrel. This marked its most significant weekly advance in over three months, with an overall rise of more than 4%. The surge in prices was largely attributed to rising geopolitical tensions following Ukraine’s drone attacks on Russian energy infrastructure. These actions prompted Moscow to restrict exports of diesel and gasoline, leading to supply constraints in several areas. Further supporting the price hike were increased pressures from the United States and NATO, which included threats of sanctions and urged allies to limit their purchases of Russian oil. In the meantime, the anticipated resumption of oil exports from Iraqi Kurdistan to Turkey is expected to gradually contribute 230,000 to 500,000 barrels per day to the global market. Additionally, stronger-than-anticipated economic data from the US and a depreciating dollar played a role in boosting oil prices by alleviating immediate demand concerns and enhancing the appeal of commodities.