KONTAN.CO.ID - SINGAPORE. Oil rose above $111 a barrel on Friday in a volatile session as fears over disruption to Russian oil exports in the face of Western sanctions offset the prospect of more Iranian supplies in the event of a nuclear deal with Tehran. Signs of an escalation in the Russia-Ukraine conflict, with reports of a fire at a Ukrainian nuclear power plant, spooked mnarkets before authorities said the fire in a building identified as a training centre had been extinguished. Brent crude rose as high as $114.23 a barrel and by 0920 GMT was up 63 cents, or 0.6%, at $111.09. U.S. West Texas Intermediate (WTI) added 64 cents, or 0.6%, to $108.31 after touching a high of $112.84.
"Russia's invasion of Ukraine means that fears over supply will remain front and centre," said Stephen Brennock of oil broker PVM, though he added that there is "a new sense of urgency from all parties involved" to revive the Iranian nuclear deal. Baca Juga: Oil Rebounds as Escalating Ukraine Conflict Hits Supplies Crude oil hit its highest in a decade this week and prices are set to post their strongest weekly gains since the middle of 2020, with the U.S. benchmark up more than 18% and Brent 13%.
