ent oil surged to $110 a barrel for the first time since May, as prospects for imminent supply relief dwindle, prompting traders to increase bets on higher prices.
ent rose 3.7% as bullish sentiment grew during a trading session marked by ongoing conflicts in major export regions. The rally is being fueled by continued missile and drone strikes on Saudi Arabia by Iran-backed Houthi rebels, as well as tit-for-tat attacks on energy infrastructure between Russia and Ukraine.
Market uncertainty was further amplified by political developments in the U.S. On Friday, American lawmakers introduced a bill to block a deal by President Donald Trump with Moscow to release several hundred million barrels of diesel. The move reflects widespread political opposition to any measures that could financially benefit Russia amid its war efforts.
The continued exclusion of Russian diesel from global markets would force refineries elsewhere to boost oil processing to meet demand. According to Reuters, doubts that the diesel release deal would materialize were intensified by a recent strike on Russia’s Ryazan oil refinery, which suspended its operations.
This combination of geopolitical tensions in the Middle East and Eastern Europe, coupled with supply-side uncertainties, has created a volatile market environment, pushing crude prices to their highest level in five months.
Source: News agencies
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