Brent Tops $95 as U.S. Toughens Sanctions Against Russia
Brent topped $95 per barrel on Friday amidst tighter US sanctions against Russia and persistent geopolitical risks. Meanwhile, hopes for diplomatic progress between Washington and Tehran tempered further gains.
International benchmark Brent crude traded at $95.09 per barrel, up around 0.06% from the previous close of $95.03. US benchmark West Texas Intermediate (WTI) fell about 0.5% to $92.53 per barrel, compared with $92.98 in the previous session.
Oil prices found support after the US House of Representatives approved legislation that provides $1.8 billion in additional aid to Ukraine and imposes tougher sanctions on Russia.
The measure passed 226-195, with 18 Republicans joining Democrats to support legislation that would expand sanctions on Russia’s oil and gas sector and tighten restrictions on financial institutions doing business with Moscow.
Market participants viewed the proposal as potentially tightening future Russian energy supplies, supporting crude prices.
Analysts said stricter sanctions could reduce the availability of Russian oil on global markets. However, they cautioned that broader trade restrictions could also weigh on global economic activity and energy demand over the longer term.
Meanwhile, Yemen’s Houthi group said it remains prepared for any escalation and is maintaining close coordination with regional allies.
In televised remarks, Houthi leader Abdul-Malik al-Houthi said the group was ready for “any round of escalation” and remains in full coordination with members of the so-called Axis of Resistance regarding developments in Lebanon and Palestine.
The group also reiterated support for Hezbollah following ceasefire-related developments between Israel and Lebanon.
Regional tensions have remained elevated since US and Israeli strikes on Iran in late February and Tehran’s subsequent actions targeting Israel and Gulf countries hosting US military bases.
Although Pakistan-brokered ceasefire that took effect on April 8 helped reduce fears of broader conflict, investors continue to closely monitor diplomatic efforts and security developments across region.
Market participants also remained cautious after Trump indicated that his administration could shift attention to Cuba once Iran-related issues are addressed, highlighting continued focus on geopolitical hotspots.
However, gains were capped by signs of continued diplomatic engagement between Washington and Tehran.
US President Donald Trump said he would be “honoured” to meet Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei if an agreement is reached between the two countries.
Trump’s comments reinforced expectations that diplomatic channels remain open, easing concerns over further escalation and potential disruptions to oil supplies from the Middle East.
Iranian officials have also continued to signal willingness to maintain dialogue despite limited progress in negotiations.
On the other hand Petroleum Development Oman denied reports that crude oil loadings had been suspended following a drone attack, saying port operations were continuing normally. The statement also helped ease concerns over potential supply disruptions from the Gulf. Global Equities Markets Mixed as Investors Trim AI Stocks Holdings
