Muscat: Brent crude futures rose 19 cents, or 0.28 percent, to $68.83 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 24 cents, or 0.36 percent, to $66.81 a barrel. The movement came after U.S. President Donald Trump signaled an upcoming announcement regarding Russia—raising the possibility of new sanctions that could disrupt global oil supplies.
Despite the initial boost, oil markets remained cautious. Traders pointed to mounting worries about the broader economic impact of U.S. trade policies and increasing output from the OPEC+ alliance.
Earlier this week, OPEC+—which includes the Organization of the Petroleum Exporting Countries and its allies—agreed to raise production by 548,000 barrels per day starting August. The move aims to stabilize the oil market but has added pressure on prices amid an already volatile global economic outlook.
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On Thursday, benchmark oil prices dropped by over 2 percent, reflecting lingering fears that U.S. tariffs and slowing economic growth could dampen energy demand in the coming months.
