FX.co ★ Oil Extends Gains

WTI crude oil futures experienced a rise, reaching approximately $58.3 per barrel on Friday. This movement builds on a significant upward trend exceeding 3% noted in the previous session, marking the largest increase since last October, as investors carefully assess ongoing geopolitical tensions. President Donald Trump cautioned Iran with the promise of a "hard" response should the nation's government cause harm to protesters, renewing concerns over potential disruptions in oil supply from one of OPEC's key producers. Additionally, market participants are evaluating the announcement that Senator Lindsey Graham has confirmed President Trump's approval of a bipartisan sanctions bill targeting nations purchasing discounted Russian oil, which in turn supports Moscow's military efforts. Meanwhile, U.S. actions in Venezuela continue to draw attention, particularly following Washington's seizure of two oil tankers linked to the country in the Atlantic, one of which was operating under a Russian flag. This move underscores Trump's intensified attempts to regulate energy flows within the Americas and exert pressure on Venezuela's socialist regime. For the week, oil is poised for a third consecutive increase.