Crude oil and gasoline prices surged on Friday, with crude hitting a 1-week high. A weaker dollar and geopolitical tensions, including Russia-Ukraine conflict and US-Iran threats, supported the rally. Unrest in Iran and threats against Iraqi oil sales further boosted prices, while US personnel evacuated a Qatar base amid rising tensions.

Additionally, support for crude prices came from Kazakhstan’s oil fields shutting down due to fires and drone strikes curbing production. The IEA revised its global crude surplus estimate, while US crude output and energy consumption projections were adjusted. Tanker oil storage decreased, and Chinese crude imports rose. OPEC+ maintained its production pause in Q1 2026.

Furthermore, Ukrainian attacks on Russian refineries and tankers, along with US and EU sanctions, limited Russian oil exports. EIA data showed US crude inventories below average, while production slightly decreased. Baker Hughes reported a slight increase in active US oil rigs, still below previous highs. The volatile market was influenced by geopolitical tensions and production interruptions.

Read more at Yahoo Finance: Crude Oil Rallies on Dollar Weakness and Heightened Geopolitical Risks