Oil Set for Biggest Weekly Gains in Three Months as Russia Cuts Fuel Exports

Oil prices rose early Friday, setting the stage for their largest weekly gain since mid-June, as escalating geopolitical tensions and new Russian export restrictions boosted market momentum.

Brent crude futures climbed 0.2% to $69.57 per barrel, while West Texas Intermediate (WTI) crude rose 0.4% to $65.21 per barrel.

Both benchmarks are on track to finish the week more than 4% higher, marking their biggest weekly gain since June 13, fueled by mounting concerns over supply disruptions and fresh output constraints from Moscow.

Latest Oil Prices:

WTI Crude • 65.18 +0.20 +0.31%

Brent Crude • 69.53 +0.11 +0.16%

Murban Crude • 71.22 +0.09 +0.13%

Louisiana Light • 66.13 +0.91 +1.40%

Bonny Light •  78.62 -2.30 -2.84%

Opec Basket • 70.79 +1.71 +2.48%

Mars US • 71.01 -0.96 -1.33%

Gasoline • 2.002 -0.000 -0.01%

Natural Gas • 2.931 +0.027 +0.93%

The rally comes amid a surge in Ukrainian drone attacks targeting Russian energy infrastructure, which have heightened supply concerns across global markets.

Tony Sycamore, an analyst at IG Markets, said: "The gains are being driven by continued Ukrainian drone strikes on Russian oil infrastructure, NATO’s heightened alert over airspace violations, and Russia’s decision to suspend key fuel exports."

On Thursday, Russian Deputy Prime Minister Alexander Novak announced a partial ban on diesel exports through the end of 2025, while extending an existing ban on gasoline exports. The move is designed to stabilize domestic fuel supply amid shortages and refinery capacity constraints in several regions of Russia.

Moscow is also reportedly scaling back crude production, as refinery outages and logistical bottlenecks reduce its capacity to process and distribute refined products.

This week, both Brent and WTI hit their highest levels since August 1, supported not only by geopolitical risks but also by a surprise drop in U.S. crude inventories.