Oil prices closed slightly higher on Friday, with Brent crude and WTI both rebounding by 1%, as geopolitical tensions surrounding the Russia-Ukraine war clouded supply expectations.
Current Price Summary

Crude Oil Benchmark
Friday Close
Change
Weekly Change

Brent Crude
$70.58/barrel
+$0.70 (+1%)
+0.3%

WTI Crude
$67.18/barrel
+$0.63 (+1%)
+0.2%

Key Market Drivers

Geopolitical Uncertainty:

Russia’s Delayed Ceasefire: President Vladimir Putin’s conditional stance on a ceasefire suggests continued sanctions on Russian oil exports.
Extended Sanctions Impact: Markets expect prolonged restrictions on Russian energy, maintaining pressure on global supply.

Investor Sentiment:

Oil’s price action reflects indecision, with Brent crude stabilizing near $70/barrel for two consecutive weeks.
Commerzbank analysts noted that oil’s trajectory depends heavily on unfolding geopolitical developments.

U.S. Political Influence:

Former President Donald Trump’s call for Russia to accept a ceasefire highlights ongoing diplomatic pressure, which could influence market expectations.

Outlook and Key Considerations

Short-Term Forecast: Oil prices may remain range-bound until geopolitical developments provide clearer direction.
Supply Chain Risks: Extended sanctions on Russian oil could tighten supply, potentially driving prices higher.
Demand Factors: Slower global economic growth and weakening Chinese demand remain bearish risks for crude prices.

API Integration for Real-Time Oil Data
For tracking oil price movements and related equities, consider Financial Modeling Prep API endpoints:
Commodities API – Get real-time crude oil price updates.