Oil prices jumped in the middle of Friday’s trading, towards $115, due to the Russian military operation. By 6:00 GMT, Brent crude jumped $3, recording $118 a barrel, according to news agencies.
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Brent crude is hovering above $118
Brent crude jumped $3, recording $118 a barrel, by 6:00 GMT.
The price of Brent crude recorded 114.98 dollars per barrel during the session, and by 13:00 GMT, it was trading up 4.44 dollars, or four percent, to 114.90 dollars per barrel.
Oil prices exceeded $111 a barrel at the start of trading on Friday, in a session that witnessed fluctuations, amid the events of the Russian military operation.
Fears of disruption to Russian oil exports due to Western sanctions outweighed expectations of an increase in Iranian oil supplies in the event of a nuclear deal with Tehran.
Markets were turbulent due to indications of an escalation in the Russian-Ukrainian conflict with reports that a nuclear power plant in Ukraine had caught fire, before the authorities announced that the fire had broken out in a building used as a training center and had been put out.
Brent crude rose to 114.23 dollars a barrel, and by 09:20 GMT, it rose 63 cents, or 0.6%, to 111.09 dollars a barrel.
West Texas Intermediate crude rose 64 cents, or 0.6%, to $108.31 a barrel, after touching $112.84 a barrel.
Oil prices recorded their highest levels in ten years this week, and are heading towards achieving the strongest weekly gains since mid-2020, with US crude rising more than 18% and Brent crude increasing by 13%.
It is expected that more oil supplies will be pumped into the market due to the coordinated withdrawal of oil stocks in developed countries, amounting to 60 million barrels. Japan said Friday that it intends to withdraw 7.5 million barrels of oil, an amount that represents a small share of its demand.