Brent crude rises above $75, posts weekly gain of 6%

Oil drilling rigs

Oil prices surged to their highest levels in two weeks as the intensifying war between Russia and Ukraine this week heightened geopolitical risk premiums in the market.

At Friday’s settlement, Brent crude futures for January 2025 delivery rose by 1.25% or $0.94 to $75.17 a barrel, posting a weekly gain of 5.8%.

Meanwhile, US WTI crude futures for January 2025 delivery added 1.65% or $1.14 to $71.24 per barrel, reflecting a weekly rise of 6.45%.

Russian President Vladimir Putin stated that his country will continue testing its new hypersonic Orishnik missile, in combat and has a stockpile ready for deployment, according to Reuters.

Adding to the gains, US economic activity accelerated in November to its fastest pace in 31 months, supported by hopes of interest rate cuts and business-friendly policies expected from President Donald Trump’s administration, according to S&P Global.