Dubai – Oil prices rose at the close of Friday’s trading session, with Brent crude touching its highest level in more than five months. The black gold ended the week with gains amid fears of further energy supply disruptions due to rising geopolitical tensions in the region.
Market Gains and Price Levels
Futures contracts for Brent crude rose by 3.55 dollars, or 3.14%, to settle at 116.72 dollars per barrel. This marks the highest level recorded since May 4. Meanwhile, futures for US crude increased by 3.80 dollars, or 3.82%, closing at 103.27 dollars per barrel.
Weekly Performance and Regional Impact
Brent achieved gains for the third consecutive week, with a rise of approximately 6%. West Texas Intermediate finished the week up by 2%. In Libya, the valve on the pipeline extending from the Hamada and Tahara fields to the port of Zawiyah was closed. This action led to a decrease in production at both fields, according to the head of the National Oil Corporation, who spoke to Reuters on Thursday.
Diplomatic Developments and Production Data
Separately, Russia stated on Wednesday that it is ready to resume talks with Ukraine, mediated by the US, next month. President Vladimir Putin received US envoy Steve Witkoff for discussions in St. Petersburg. Ukrainian President Volodymyr Zelenskyy expressed hope that negotiations, the first since February, would take place in early November.
Global Context and Sanctions
US data showed that Russia was the third-largest producer of crude oil globally in 2025, following the United States and Saudi Arabia. Sanctions imposed on Moscow after its invasion of Ukraine in 2022 contributed to higher oil prices. These factors continue to influence market dynamics and investor sentiment in the global energy sector.
This story was produced in the newsroom from the disclosed sources named above.
