Oil prices gain more than 3%, heading for weekly gain with focus on Middle East supply
USO•Oil prices rose more than 3% and were heading for weekly gains as traders weighed uncertainty over Middle East supplies and Russian diesel deliveries. Brent was up 3.2% at $109.34 and WTI rose 2.8% to $100.67; the IEA agreed to release more than 20 million barrels of fuel.
1. Prices rise on supply concerns
Brent crude futures rose $3.41, or 3.2%, to $109.34, while U.S. West Texas Intermediate crude futures gained $2.74, or 2.8%, to $100.67. Brent was up 4.1% for the week and WTI 8.6%; WTI crossed $100 for the first time since September 21.
2. Supply disruptions and response
Attacks around the Strait of Hormuz and uncertainty over how much diesel Russia could deliver supported prices. Russia's Ryazan refinery suspended operations at a primary crude distillation unit after a drone attack, while the International Energy Agency agreed to release more than 20 million barrels of fuel to the market.
