Global oil prices ended last week on a positive note, driven by renewed fears of supply disruptions from the Russia-Ukraine war and fresh U.S. sanctions on Iran’s energy exports.
Brent crude closed at $67.04 per barrel, up 1.9% from $65.77 in the previous week, while West Texas Intermediate (WTI) rose 1.6% to $63.31 per barrel.
The rally came after Ukraine’s military reported one of its largest air assaults of the year, which left one dead and 15 injured. President Volodymyr Zelensky accused Moscow of showing little interest in peace negotiations and renewed his call for tougher international sanctions.
Meanwhile, Washington imposed sanctions on two China-based oil storage and terminal operators accused of facilitating Iranian crude shipments. This marks the fourth round of penalties targeting Chinese firms linked to Tehran’s oil trade, which the U.S. claims funds terrorism and regional instability.
The tighter restrictions reinforced market expectations of constrained supply, supporting crude prices amid heightened geopolitical uncertainty.
Investors are also keeping a close watch on U.S. Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium, which could provide signals on interest rate cuts. Analysts say any policy shift aimed at stimulating growth may further lift demand for crude in the months ahead.
