Oil prices climbed on Thursday as reports that Ukraine may curb fuel exports following attacks on Russia's critical energy infrastructure raised supply concerns.
Brent crude was trading at $68.76 per barrel at 9.30 a.m. local time (0630 GMT), up 4% from the previous close of $66.12.
US benchmark West Texas Intermediate (WTI) increased by 0.01% to $65.08 from $65.07 in the prior session.
Russian Deputy Prime Minister Aleksandr Novak said the government plans to extend its gasoline export ban until the end of the year and introduce a ban on diesel fuel exports for non-producers over the same period due to persistent shortages in the domestic market, international media reported.
Russia had temporarily banned gasoline exports from July 28 to August 31 after prices hit record levels, yet the upward trend continued.
Gasoline costs have faced seasonal pressure as refineries came under drone attacks and demand grew, particularly from the agricultural sector. Russia, one of the world's largest energy exporters, produces over 40 million tons of gasoline annually.
Meanwhile, a drop in US crude inventories also supported prices, reinforcing demand expectations.
US Energy Information Administration (EIA) data showed commercial crude stocks fell by about 600,000 barrels last week to 414.8 million barrels, against a forecast increase of 800,000 barrels.
On the supply side, KRG Prime Minister Masrour Barzani announced that the region's oil wells were reopened to international markets under an agreement with oil producers, Iraq's Oil Ministry and the state-owned SOMO.
The KRG's Ministry of Natural Resources said flows would restart within 48 hours, easing supply concerns and tempering upward pressure on prices.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
