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The US, meanwhile, sanctioned Russia’s Gazprombank, closing a loophole that Washington kept open for the war because the lender is key for energy markets. The penalties increase the risk of a cut-off of some of the remaining Russian gas flows to a handful of central European nations.
Oil headed for the biggest weekly gain since early October on an escalation of hostilities between Russia and Ukraine.
Brent traded above USD 74 a barrel, up more than 4% for the week, and West Texas Intermediate was near USD 70. The war has rapidly intensified following months of bloody attrition, with Russia launching a ballistic missile after the expanded use of Western-provided long-range weapons by Ukrainian forces.
Oil has swung between weekly gains and losses since mid-October, influenced by the push and pull of various factors from a strong dollar to ample supply. The Kremlin also revamped its nuclear doctrine this week, although Russia’s foreign minister sought to calm worries about a nuclear escalation.
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The US, meanwhile, sanctioned Russia’s Gazprombank, closing a loophole that Washington kept open for the war because the lender is key for energy markets. The penalties increase the risk of a cut-off of some of the remaining Russian gas flows to a handful of central European nations.
Still, the oil market faces a sizeable supply glut in 2025, with investors watching for a decision from OPEC+ on plans to revive idled production. That would likely coincide with persistently weak demand from China, as the Asian nation struggles to pull its economic growth.
