Oil prices surged this week, with Brent settling above $70 a barrel for the first time since July. The rally was fueled by pressure on Russia to end the war in Ukraine and stronger-than-expected US economic data. Geopolitical developments, including Trump’s push for Turkey and Hungary to stop buying Russian oil, added to the bullish sentiment. Ukraine’s drone strikes on Russian energy infrastructure and warnings from European diplomats to Russia also contributed to the market uncertainty. Additionally, the United Nations will reimpose sanctions on Iran over its nuclear program. Speculative traders are cautious in this volatile market.

Read more at Yahoo Finance: Brent Oil Breaks Above $70 as Pressure on Russia Intensifies