Oil prices settled more than 1 per cent higher on Friday and posted their biggest weekly gains since June as US President Donald Trump increased pressure on buyers of Russian oil and Ukraine carried out new attacks on Moscow's energy infrastructure.
Brent, the benchmark for two thirds of the world's oil, rose 1.02 per cent to $70.13 a barrel, the first time it finished above $70 since late July. West Texas Intermediate, the gauge that tracks US crude, jumped 1.14 per cent to $65.72 per barrel.
From last week's close, Brent surged 6.19 per cent and WTI leapt 5.32 per cent. Year-to-date, the benchmarks are still down 6.04 per cent and 8.37 per cent, respectively.
Oil's "strongest weekly advance since June [came] as President Trump stepped up pressure on countries still buying Russian crude,” Soojin Kim, research analyst at MUFG Bank, said on Friday.
“Mr Trump urged Turkish President [Recep Tayyip] Erdogan to halt purchases and discussed energy security with Hungary and Slovakia, while reiterating calls for Nato members to cut ties with Russia’s fuel.”
During a meeting with the Turkish President at the White House on Thursday, Mr Trump criticised Ankara for buying Russian oil while Moscow is waging war against Ukraine.
“I'd like to have him stop buying any oil from Russia while Russia continues this rampage,” Mr Trump told reporters, alongside Mr Erdogan in the Oval Office.
The latest Ukrainian attacks on Russia's energy infrastructure, as well as Moscow's plans to restrict diesel exports are also supporting oil prices.
“Moderate intraday declines on Thursday were reversed later in the session on news that Russia is restricting diesel exports owing to disruptions at several refineries caused by Ukrainian drone strikes and may have to curtail crude production,” Vandana Hari, chief executive of Singapore-based Vanda Insights, said.
Russia is one of the top producers of oil and is part of the Opec+ group that has been adjusting production to stabilise energy markets.
Oil also posted gains last week after a Ukrainian drone attack on the Russian port of Primorsk disrupted crude operations.
Oil prices have been volatile this year due to continuing geopolitical tensions in the Middle East and the war between Russia and Ukraine. President Trump’s trade tariffs are also affecting oil prices.
US crude oil inventories have also reduced for the week ending September 19 to support prices.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.6 million barrels last week from the previous week, according to the latest data from the Energy Information Administration.
At 414.8 million barrels, US crude oil inventories are about 4 per cent below the five-year average for this time of year.
Total motor gasoline inventories also fell by 1.1 million barrels and are 2 per cent below the five-year average for this time of year.
“Despite the weekly jump, crude remains stuck in its narrow trading range as markets balance rising geopolitical tension against expectations of a looming glut,” Ms Kim said.
MATCH INFO
Euro 2020 qualifier
Russia v Scotland, Thursday, 10.45pm (UAE)
TV: Match on BeIN Sports
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
More on Quran memorisation:
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
