FX.co ★ Oil Set for Weekly Advance

On Friday, WTI crude oil futures increased slightly to $58.50 per barrel, poised for a weekly gain amid geopolitical tensions. Earlier in the week, crude prices surged after President Donald Trump escalated the U.S. naval blockade against Venezuela, highlighted by the seizure of oil tankers as a strategic measure. Although Venezuelan crude contributes only modestly to global supply, it represents a crucial revenue stream for the Venezuelan government. Meanwhile, in Europe, hostilities between Russia and Ukraine persist, targeting energy infrastructure. On Thursday, Kyiv attacked the Novoshakhtinsk oil refinery, a significant supplier of diesel and jet fuel to Russian military forces. Simultaneously, Trump announced that the U.S. had launched an airstrike against ISIS in Nigeria, a member of the OPEC consortium. However, concerns about an oversupplied market have tempered further price increases. This week, crude oil has appreciated by over 3%, potentially marking its most robust weekly performance since October.