Oil set for big weekly gain as pressure on Russia intensifies

Oil headed for its biggest weekly gain in more than three months as US President Donald Trump increased pressure on buyers of Russian energy in a bid to end the war in Ukraine.

West Texas Intermediate traded above $65 a barrel after little changed on Thursday while Brent closed above $69. Trump pressed Turkish President Recep Tayyip Erdogan to stop buying oil from Russia and discussed energy security with Hungarian Prime Minister Viktor Orban, after he earlier this week rebuked NATO members for buying fuel from the OPEC+ producer.

That comes as Russia’s physical supplies are pressured by Ukrainian drone strikes on energy infrastructure. Meanwhile, European diplomats warned the Kremlin this week that the North Atlantic Treaty Organization is ready to respond to further violations of its airspace with full force, including by shooting down Russian planes, according to officials familiar with the exchange.

Outside of Russia, traders will also be focusing on a glut forecast for later this year. Supplies will increase further as exports from the Kurdistan region in Iraq through a pipeline to Turkey’s Ceyhan port are set to resume Saturday.

Also Read: Asian stocks drop after Wall Street rally stalls