Crude Oil Surged By 2% To 109$ Due To Remain Uncertain Situation And prolonged Supply

Brent crude: Oil jumped about 2% to around $109 per barrel on Friday, extending an 8.8% rally in the previous session as ongoing peace talks between Russia and Ukraine did not yield significant progress, raising fears of further sanctions and prolonged disruption to oil supply.

A Kremlin spokesperson denying reports of major progress in peace talks over Ukraine, Putin’s speech against “traitors and scum” at home who helped the West and Biden calling Putin a “war criminal” all added to market jitters about an extended conflict.

An IEA warning of a potential supply shortfall due to sanctions against Russian oil also pushed energy prices higher.

Meanwhile, the international oil benchmark is still on track to drop for a second straight week, having fallen significantly from a recent high of $139.13 per barrel reached on Mar. 7 as traders continued to assess geopolitical and economic uncertainties.