Brent crude prices post record weekly percentage advance

Oil prices rallied on Friday as Russian-Ukrainian war elevated, so, global markets fear of supply shortage, while many buyers try to build reserves causing stronger demand.

Russian troops have seized control on Europe’s biggest nuclear plant based in Ukraine.

On the other hand, global news reported that western counties led by The US are near a renewed nuclear deal with Iran.

Though this event is considered to slow market advance because it means Iran could resume higher oil exports and reduce the shortage, the Russian-Ukrainian war attracted all the attention.

April WTI crude futures jumped 7.4% or %8.01 to settle at $115.68 a barrel, the highest settlement since Sep 2008. For the week, prices rose 26.3% or $24.09, the weekly highest gain on record.

Meanwhile, May Brent crude climbed 6.9% or $7.65 to end at $118.11 a barrel, the highest finish since Feb 2013. For the week, Brent advanced 25.5%, the biggest weekly percentage gain on record.