FX.co ★ Brent Poised for Strong Weekly Gain

Brent crude futures approached the $70 per barrel mark on Friday, approaching an eight-week peak and poised for a weekly gain exceeding 4%, marking the most substantial increase since early June. This uptrend was driven by growing apprehensions over supply as Russian oil purchases remained under pressure. U.S. President Donald Trump called on Turkish President Recep Tayyip Erdogan to cease oil imports from Russia as a means to intensify restrictions on Moscow amidst the ongoing Ukraine conflict. Earlier in the week, prices received a boost from escalating geopolitical tensions, as Ukraine intensified drone strikes on Russian energy infrastructure, leading to fuel shortages and heightening the likelihood of export restrictions. Partially countering the bullish momentum, the resumption of Kurdish oil exports eased some supply concerns. Additionally, tempered expectations for U.S. interest rate cuts—which might have supported economic expansion and increased oil demand—alongside renewed global trade tensions, introduced further downside risks.