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By 05:50 Moscow time on Monday, Brent is at $114.60 per barrel versus Friday's close of $116.72 - the highest since April. The market has begun giving back part of the war premium, but oil is still twice as expensive as in February.
Brent futures (a contract for the future delivery of oil, the world's main price benchmark) closed Friday, October 23, at $116.72 a barrel - up $3.55, or 3.14%. This is the highest settlement level since April 29, and oil gained about 6% over the week.
On Thursday Brent rose 2.6% to $111.66 per barrel - a five-month high, and in the evening Moscow time quotes went above $113. The rally was driven by Houthi attacks on Saudi infrastructure and expectations of a new military escalation around Iran.
Trump suspended key sanctions and tariffs against Russia and announced a diesel deal. Oil headed lower in the Asian session on Monday, breaking a seven-day streak of gains.
WTI recovered intraday from the morning decline from around $88.00 and rose to nearly $91.50. The main driver was China's temporary suspension of oil product exports during the national holidays.
