Oil prices recorded weekly gains as geopolitical risks linked to the Russia-Ukraine peace process and rising tensions involving Iran, Saudi Arabia and Venezuela heightened concerns over potential supply disruptions.
International benchmark Brent crude traded at $60.74 per barrel at 1.30 p.m. local time (1030 GMT), up 0.5% from last Friday’s close of $60.43.
US benchmark West Texas Intermediate (WTI) rose 0.7% to $57.29 per barrel, compared with $56.86 a week earlier.
Prices advanced early in the week after US President Donald Trump said “significant progress” had been made toward ending the Russia-Ukraine war following talks with Ukrainian President Volodymyr Zelenskyy.
Zelenskyy said around 90% of a 20-point peace plan had been agreed, including US-Ukraine security guarantees and military arrangements, while negotiations on a broader prosperity framework continue.
Uncertainty over the durability of the talks supported prices, with Moscow warning of retaliation after alleging a drone attack on President Vladimir Putin’s residence, a claim denied by Ukraine.
Rising tensions in the Middle East also fueled supply concerns. Saudi air operations against Yemen and remarks by Iranian President Masoud Pezeshkian that Iran is in a state of “comprehensive war” with the US, Israel and Europe raised risks to regional oil flows.
Expectations of further US Federal Reserve rate cuts also supported prices, after the Fed lowered rates by a cumulative 75 basis points this year, with markets anticipating additional easing in 2026.
Midweek gains were capped by a stronger US dollar and persistent oversupply concerns, including OPEC+ plans to gradually unwind production cuts, robust non-OPEC output and weaker global demand growth.
On the first trading day of 2026, prices moved in a narrow range ahead of the Jan. 4 OPEC+ meeting, where the group is expected to maintain its current supply policy. New US sanctions targeting firms and vessels linked to Venezuelan exports offered limited support by reviving supply disruption concerns.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
