Oil Nears Weekly High on Supply Uncertainty
Oil prices surged towards $73 a barrel, aiming for their largest weekly increase since early January amid escalating supply concerns.
West Texas Intermediate (WTI) rose nearly 3% this week, its strongest advance since January 10. Brent crude also climbed above $76.
OPEC+ is considering postponing a planned output hike. Kazakh production faces disruption following a Ukrainian drone attack in Russia. The resumption of exports from Iraq's Kurdistan region remains uncertain.
The supply outlook has fueled volatility in crude markets, which have been swayed by U.S. President Donald Trump's tariffs and policy maneuvers. The potential for U.S. import duties that could stifle global growth has eroded some of the gains seen earlier in the year.