- A possible Iranian nuclear deal could ease limited oil supplies
- Shell buys Russian barrels with a high discount compared to the standard
- Brent reached its highest level since 2012 this week, WTI the highest since 2008
NEW YORK, March 4 – Oil jumped 7% on Friday in a volatile session as Russia’s disruption of Western sanctions exceeded hopes for more Iranian supplies if Washington reached a nuclear deal with Tehran.
Prices rose at the beginning of the session after Russian troops took over Europe’s largest nuclear power plant. A fire in a training building was put out and authorities said the facility was now safe. Read more
The rally was extended after the Biden administration said it was considering options to reduce Russian oil imports from the United States and was considering possible actions to minimize the impact on global supplies and the impact on consumers. Read more
I’m registering
Crude oil futures have risen more than 20 percent since the United States and its allies imposed sanctions on Russia following its February 24 invasion of Ukraine. Sales of Russian oil have been suspended, with sellers finding it very difficult to close deals, although they are offering huge discounts on Brent’s relatively crude oil.
Brent futures rose $ 7.65, or 6.9 percent, to $ 118.11 a barrel, while West Texas Intermediate (WTI) crude rose $ 8.01, or 7.4 percent. %, to $ 115.68.
These were the highest closures for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest level of the day since May 2012, and WTI to its highest level since September 2008
I’m registering
Additional reports from Alex Lawler in London, Florence Tan in Singapore and Sonali Paul in Melbourne; Edited by David Gregorio and Marguerite Choi
Our standards: ‘ principles of trust.