Markets

Early in the week, renewed hopes for a ceasefire in the Israel-Gaza war pushed futures prices for NYMEX WTI, ICE Brent, and DME Oman lower but a deadly mid-week airstrike on Gaza resulted in expectations that Iran would attack Israel.

Geopolitical tensions pushed futures prices for benchmark crudes higher on each day of the week.

Output cuts by Russia and expectations that OPEC+ will continue to keep supplies tight led to more increases in futures prices for benchmark crudes.

Ukraine continued its campaign of drone strikes against Russian energy targets, pushing futures prices for benchmark crudes up to fresh highs not seen since early Nov. or late Oct.

More attacks on Russian refineries by Ukrainian drones, an unexpected crude stockdraw in the US, and an IEA forecast for a tighter global oil market pushed up futures prices for benchmark crudes.

Mild weather in the northern hemisphere and concerns about how China will meet its 2024 target for economic growth weighed on futures prices for benchmark crudes.

Ongoing concerns about shipping disruptions and the expectation that OPEC+ will extend its supply cuts combined with indications of improving demand to push futures prices for benchmark crudes higher.

After more-moderate movements throughout most of the period, futures prices for crude benchmarks sank on Friday when the US Federal Reserve hinted that it would not cut interest rates in March.

Geopolitical tensions pushed futures prices for crude benchmarks higher.

After prices for crude benchmarks fell in the previous week thanks to news that a ceasefire in Gaza was likely, they climbed due to reports indicating that the ceasefire proposal had been rejected.