Brent Settles Near $110 as Supply Risks Lift Prices
Brent futures reached their highest settlement since May as traders weighed Middle East tensions, Russian supply risks and planned reserve releases.
Key takeaways
- Brent settled at $109.86 a barrel, its highest close since May 19.
- The IEA agreed to release more than 20 million barrels of fuel.
Brent crude futures settled Friday at $109.86 a barrel, up 3.7% and their highest close since May 19. As of Friday evening, Brent traded at $109.69, up 3.56% since the previous close.
Supply worries grew amid escalating Middle East tensions and uncertainty over how much diesel Russia could deliver after Ukrainian attacks on Russian refineries. The International Energy Agency agreed to release more than 20 million barrels of fuel, while the US requested proposals for an exchange of up to 17 million barrels from its Strategic Petroleum Reserve.
The broader IEA-led reserve release plan covers 400 million barrels, according to The Business Times. Ekonomim reported that about 100 million barrels of strategic reserves had yet to reach the market.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
