Crude oil futures rose yesterday while gasoil futures jumped to a 17-month high as investors weighed new EU sanctions against Russia.
Brent crude futures climbed 73 cents, or 1.05 per cent, to $70.25 a barrel yesterday afternoon. US West Texas Intermediate crude futures gained 83 cents, or 1.23pc, to $68.37.
The premium on low-sulfur gasoil futures to Brent crude was up $3.50 at $27.27, the almost 15pc increase lifting the spread to its highest since February 2024.
Prices could also have received support after Reuters reported that a restart of Iraq’s Kurdish oil exports is not imminent despite Iraq’s federal government saying on Thursday that shipments would resume immediately.
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