Brent Extends Gains

2026-01-09 01:32 By Kyrie Dichosa 1 min. read

Brent crude oil futures rose to around $62.4 per barrel on Friday, building on a more than 3% gain in the previous session, the largest since last October, as markets continued to weigh geopolitical risks.

President Donald Trump warned Iran of a “hard” response if its government caused protesters to lose their lives, reigniting concerns over potential supply disruptions from one of OPEC’s largest producers.

Traders also digested news that Senator Lindsey Graham said Trump approved a bipartisan Russia sanctions bill targeting countries buying discounted Russian oil that funds Moscow’s war.

Meanwhile, US actions in Venezuela remained in focus after Washington seized two oil tankers linked to the country in the Atlantic, including one flying a Russian flag, highlighting Trump’s intensified efforts to control energy flows in the Americas and pressure Venezuela’s socialist government.

For the week, oil is on track for a third consecutive advance.



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Brent Falls as Hormuz Flows Recover Sharply
Brent crude oil fell to around $72 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Meanwhile, US President Donald Trump accused Iran of violating a ceasefire by shooting drones at ships in Hormuz. Brent recorded an over 10% weekly drop, the largest in a month.
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Brent Falls as Hormuz Flows Recover Sharply
Brent crude oil fell to below $73 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Despite a temporary 2% price rebound on Thursday after the container ship Ever Lovely was struck by a projectile southeast of Oman, President Donald Trump confirmed the strait remains open and traffic has continued. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Brent was on track for a 10% weekly drop, the largest in a month.
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