Brent oil hit $110 a barrel for the first time since May as prospects for imminent supply relief dwindle, prompting traders to ramp up bullish bets ahead of the weekend. Brent rose 3.9% after US lawmakers introduced a bill Friday to block US President Donald Trump’s deal with Moscow to release several hundred million barrels of diesel. The move reflects widespread opposition to any measures that would allow Russia to pad its war chest.
The continued exclusion of Russian diesel from global markets would force refineries elsewhere to boost oil processing to meet demand. The development compounded bullish sentiment amid reports of active ongoing conflict in major export centers. Iran-backed Houthi rebels are conducting missile and drone strikes across Saudi Arabia, while Russia and Ukraine exchange tit-for-tat strikes on energy infrastructure.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing