Oil prices surged on Friday following the seizure of a Russian tanker carrying crude oil by French authorities in the Mediterranean Sea, raising concerns about potential supply disruptions. Market sentiment was further supported by renewed warnings from US President Donald Trump against Iran in the event of any interference with global oil shipments. Additional supply constraints emerged due to production outages in Kazakhstan, intensifying fears of tightening crude availability.
Brent crude for March delivery climbed $1.68, or 2.6 percent, to $65.74 per barrel by 1910 PKT, while US West Texas Intermediate (WTI) crude gained $1.63, or 2.8 percent, reaching $60.99 per barrel. Both benchmarks were set to record weekly gains exceeding 2 percent, reflecting strong market momentum. At the time of reporting, Brent was trading 2.54 percent higher at $65.69 per barrel, and WTI was up 2.56 percent at $60.88 per barrel. The rise underscores growing concerns over supply stability and heightened geopolitical tensions affecting global oil markets.
