Global oil prices surged sharply on Friday, extending weekly gains as traders reacted to tightening supply expectations, stronger refining margins, and rising seasonal fuel demand ahead of the Northern Hemisphere summer driving season.
International benchmark Brent Crude climbed $3.54 to reach $109.26 per barrel, marking a gain of 3.35%, while US benchmark West Texas Intermediate (WTI) jumped $4.25 to $105.42 per barrel, rising 4.2%.
The weekly performance reflected growing strength across energy markets, with Brent posting a weekly gain of 7.84% and WTI surging more than 10%. The rally was supported by tightening physical supply conditions and expectations of strong fuel consumption during the upcoming travel season.
Middle Eastern crude benchmarks also moved higher. Murban crude traded at $108.00 per barrel, while Dubai crude hovered around $102.61. Oman crude remained relatively stable near $104.78, showing resilience despite broader market volatility.
The OPEC basket recorded one of the strongest gains during the session, climbing nearly 7% to $115.09 per barrel, highlighting firm demand for member export grades.
Refined fuel products also posted gains across global markets. US gasoline futures advanced to $3.702 per gallon, while heating oil futures rose to $4.053. Natural gas prices also edged higher, signaling broader strength within the energy sector.
Analysts noted that export-linked coastal crude grades outperformed some inland US oil benchmarks, indicating regional transportation bottlenecks and shifting export economics. While WTI Midland and Louisiana Light crude prices moved higher, other inland grades such as Mars crude and Domestic Sweet at Cushing recorded declines.
Globally, Russia’s Urals crude slipped slightly, while Western Canadian Select and India’s crude basket registered modest gains. Market participants said the overall rally reflected increasing confidence that crude supplies may remain constrained in the coming months, especially as refinery demand continues to rise.
Energy traders are now closely watching supply flows, geopolitical developments, and upcoming production decisions from major oil-producing nations as the market enters a traditionally high-demand consumption period.
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