Oil exceeds $ 111 a barrel in light of the Ukrainian crisis

Oil topped $111 a barrel on Friday, in a volatile session in which concerns about disruption to Russian oil exports due to Western sanctions outweighed expectations of Iranian oil supplies after a nuclear deal with Tehran.
Markets were turbulent due to indications of an escalation in the Russian-Ukrainian conflict and news of a fire at a nuclear power plant in Ukraine, before the authorities announced that the fire broke out in a building used for training and extinguished.

Brent crude rose to 114.23 dollars a barrel, and it rose 63 cents, or 0.6 percent, to 111.09 dollars a barrel, and West Texas Intermediate crude rose 64 cents, or 0.6 percent, to 108.31 dollars a barrel, after touching 112.84 dollars a barrel.

Oil prices recorded their highest levels in 10 years this week and are heading for the strongest weekly gains since mid-2020, with US crude rising more than 18% and Brent crude 13%.

It is expected that more oil supplies will be pumped into the market after a coordinated withdrawal of oil stocks in developed countries amounting to 60 million barrels.