Crude oil and gasoline prices rose on Friday due to concerns over crude supplies from Russia. President Trump is urging countries to stop buying Russian crude to pressure Russia to end the war in Ukraine. European diplomats are prepared to shoot down Russian aircraft if airspace violations continue, further escalating tensions. Ukraine’s attacks on Russian refineries have curbed exports, tightening global oil supplies.

President Trump is lobbying countries to stop buying Russian crude to end the war in Ukraine. NATO allies are considering imposing tariffs on China and India for purchasing Russian oil. Ukrainian drone attacks have damaged Russian oil infrastructure, reducing Russia’s total refined-product flows. Canada supports Western allies in pressuring Russia through secondary sanctions.

Iraq’s agreement to resume oil exports from the Kurdish region could add 500,000 bpd to global markets. India’s reduced crude imports and an increase in crude oil stored on tankers are negative for oil prices. OPEC+ agreed to raise crude production by 137,000 bpd in October, gradually increasing production to pre-cut levels by September 2026.

US crude oil inventories are below the seasonal 5-year average, and production remains slightly below record highs. The number of active US oil rigs increased slightly but remains below levels seen in recent years. This article is for informational purposes only and does not contain any promotional content.

Read more at Yahoo Finance: Crude Prices Climb on Russian Supply Concerns