Oil is set to close out the week with a gain, marking the first upside for crude since mid-January.
Crude oil inventories in the United States saw a build of 4.6 million barrels during the week ending February 14, according to new data from the U.S. Energy Information Administration.
The outgoing Biden administration in December then sought to ratchet sanctions on Russian oil, including sanctions on Surgutneftgas and Gazprom Neft, two Russian oil firms which together account for 25% of exports. Middlemen who supply Russian oil have also been targeted.
A statement by the Russian government said that flows along the Caspian Pipeline Consortium infrastructure had dropped by between 30% and 40% on Tuesday following the terrorist attack that involved seven unmanned aerial vehicles, per a statement by the CPC. Reuters said the attack was carried out by Ukrainian forces.
Hamas on Thursday recommitted to the ceasefire with Israel and said it would free another three hostages as planned on Saturday, easing concerns that the truce was close to collapse.
The ceasefire, which was signed a day before the inauguration of President Donald Trump, was threatened to unravel earlier this week, after both sides accused the other of violating the terms of the truce.
Crude oil prices were on course to end the week with a gain, snapping a three-week string of losses as Trump signaled reciprocal tariffs for U.S. trade partners will not come into effect until at least April.
Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7, according to the U.S. Energy Information Administration.
In its February short term energy outlook (STEO), which was released on Tuesday, the U.S. Energy Information Administration (EIA) revealed its latest Brent spot price forecasts for 2025 and 2026.
Oil prices are climbing after Trump imposed new tariffs on steel and aluminum, even if they will likely be disruptive for global economic growth
Tough US sanctions on Russian oil are allowing the biggest Middle Eastern producers to raise prices for their main market by the most in years, and may help bring in additional petrodollars to meet crucial funding needs.