Oil Price Movements Following Geopolitical Tensions
Oil prices experienced a decline on Friday, although by the close of markets, prices began to recover in response to rising geopolitical tensions. US President Donald Trump indicated the imposition of new sanctions against Russia unless the country agrees to a ceasefire regarding its actions in Ukraine.
On Friday, North Sea Brent crude saw an increase of 90 cents, reaching $70.36 per barrel. Similarly, Texas light sweet crude rose by 68 cents, settling at $67.40 per barrel.
Trump’s statements outlined plans for punitive measures against Russian financial institutions and the implementation of tariffs on Russian imports, citing continued military aggression toward Ukraine as the rationale behind these decisions.
Brent crude prices temporarily surpassed $71 on Friday, spurred by comments from Russian Deputy Prime Minister Alexander Novak, who indicated that OPEC Plus producers have reached a consensus to boost oil production in April. However, he noted that this decision is subject to reevaluation in light of ongoing market fluctuations.
