Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Brent crude futures climbed 50 cents, or 0.72%, to $70.02 a barrel as of 0912 GMT, U.S. West Texas Intermediate crude futures gained 61 cents, or 0.9%, to $68.15 a barrel.
Investors mulled the potential impact on global oil balances of the EU's agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries.
Its latest sanctions package will lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters.
"Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains sceptical of the impact of the latest sanctions," UBS analyst Giovanni Staunovo said.
Investors are awaiting news from the U.S. on possible further sanctions, after President Donald Trump earlier this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days.
"Ultimately, it is now a matter of waiting for possible major changes in U.S. sanctions and tariff policy," Commerzbank analysts said in a note.
Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday.
The attacks "are bound to take their toll as the region’s output has been slashed from 280,000 bpd to around 130,000 barrels per day," said PVM analyst Tamas Varga.
Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility.
Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt.
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The head of a body representing global airlines said on Wednesday that even if Iran reopened the Strait of Hormuz it would take months for jet fuel supply to recover given disruptions to Middle East refining capacity.
President Donald Trump said the United States could end its military attacks on Iran within two to three weeks and Tehran did not have to make a deal as a prerequisite for the conflict to wind down.
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
A memorandum of understanding has been signed between Baku State University (BSU) and the international television channel AnewZ, marking a new stage of cooperation in journalism education and media development.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
U.S. President Donald Trump has said he will raise tariffs on cars and trucks imported from the European Union to 25% next week, up from the 15% level agreed last year, accusing the bloc of failing to comply with its trade commitments.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
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