Oil prices saw a marginal increase on Friday as markets attempted to recover losses from the previous session. The rise comes amid growing concerns about potential supply shortages due to newly imposed sanctions on Iran and Russia.
This upward trend has put crude prices on track for their first weekly gain since late November. However, expectations of surplus supply have kept further price gains in check.
As of 07:01 a.m. GMT, Brent crude futures for February 2025 delivery climbed by 0.08% to $73.47 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures for January 2025 delivery rose by 0.13% to $70.11 per barrel, according to data from a specialized energy platform.
What’s Driving the Market?
The combination of geopolitical tensions and tighter sanctions on major oil-producing countries has reignited concerns about global supply constraints. However, market sentiment remains cautious, as predictions of excess supply continue to weigh on the recovery of crude prices.
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