International oil prices moved higher on Friday after France seized a Russian oil tanker in the Mediterranean Sea, triggering fresh concerns over global crude supply disruptions.
The development added to existing market tensions, pushing both major oil benchmarks into positive territory.
Supply Fears Drive Oil Market Higher
According to market analysts, oil prices reacted strongly to the tanker seizure amid fears that geopolitical tensions could affect energy shipments. The situation was further intensified by renewed warnings from former US President Donald Trump, who cautioned Iran against any actions that could disrupt global oil supplies.
In addition to geopolitical risks, production outages in Kazakhstan added pressure to the supply side, supporting the upward price movement.
Brent and WTI Post Strong Gains
As a result of these factors, oil prices recorded notable gains during Friday’s trading session.
-
Brent crude futures (March delivery) rose by $1.68, or 2.6%, reaching $65.74 per barrel.
-
US West Texas Intermediate (WTI) crude increased by $1.63, or 2.8%, to trade at $60.99 per barrel.
At the time of reporting, Brent crude was trading around $65.69 per barrel, while WTI hovered near $60.88 per barrel, both showing gains of more than 2.5%.
Weekly Performance Remains Positive
Both Brent and WTI were on track to post weekly gains exceeding 2%, reflecting growing concerns about supply stability amid geopolitical developments and production challenges.
Energy market experts note that oil prices remain sensitive to political events, especially those involving major producers and key shipping routes.
What This Means for Global Markets
The rebound in oil prices highlights how quickly markets react to geopolitical risks and supply-side uncertainties. Any further escalation involving major oil exporters or transport routes could keep prices volatile in the coming weeks.
Investors and importing countries are closely monitoring developments, as sustained price increases could impact fuel costs, inflation, and global economic stability.
Final Words
The rise in international oil prices following France’s capture of a Russian oil tanker underscores the fragile balance of the global energy market. With geopolitical tensions, supply disruptions, and political warnings all in play, oil prices are likely to remain volatile in the near term.
For the latest updates on energy markets, global business news, and economic trends, stay connected with pvs.com.pk.
This content is published for general information and awareness purposes. kixxoil.pk is an independent informational website and is not officially connected with any government authority or public institution. Readers are encouraged to confirm details directly from official sources before making any decisions.
