Oil Prices Hit One-week High amid Supply Disruption Fears from US, Russia

Oil prices continued to rise during trading on Wednesday at the settlement, recording the highest level in a week, amid fears of disruption to US and Russian oil supplies.

This coincides with markets awaiting more clarity on the future of US sanctions on Moscow in light of the US states' attempt to mediate an agreement to end the war between Russia and Ukraine.

Brent crude futures rose 20 cents, or 0.26%, to $76.04 a barrel at the settlement.

US crude futures rose 40 cents, or 0.56%, to record $72.25 a barrel at the settlement, according to Reuters.

Latest Oil Prices

WTI Crude • 72.25 +0.40 +0.56%

Brent Crude • 76.11 +0.27 +0.36%

Murban Crude • 78.59 +0.35 +0.45%

Natural Gas • 4.280 +0.273 +6.81%

Louisiana Light • 75.01 -0.01 -0.01%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 77.11 +0.39 +0.51%

Mars US • 73.56 -1.20 -1.61%

Gasoline • 2.087 -0.000 -0.01%

The two benchmarks recorded their highest closing prices since trading on February 11.

This comes as crude supplies have been cut due to Ukrainian drone attacks on Russian oil infrastructure. Moscow said oil flows through the Caspian Sea pipeline, a key export route from Kazakhstan, fell by 30-40% on Tuesday after Ukrainian attacks on a pumping station.

A 30% loss, the minimum loss of flows, is equivalent to about 380,000 barrels per day (bpd) of supply lost to the market due to the attacks, according to Reuters estimates.

Also, cold weather in the United States has threatened oil supplies, with the North Dakota Pipeline Authority estimating that production in the third-largest US state for crude extraction will fall by about 150,000 bpd due to the current weather.