Oil drilling rigs
Oil prices continued their rise on Friday, March 11, with NYMEX crude approaching $110 per barrel but heading towards trimming its largest weekly losses since November 2021.
The U.S. government and some major companies such as Shell agreed to ban their oil imports from Russia.
The tough sanctions on Russia raised concerns among investors that this will further pressure the market, which is already under pressure from coronavirus pandemic.
Rystad Energy forecasts Brent crude prices to rise to $240 a barrel this summer if countries continue to impose sanctions on oil imports from Russia.
Russia's invasion of Ukraine and the West's crackdown on Moscow led the world economy to an epic energy shock, CNN reported, citing Goldman Sachs analysts.
"The uncertainty on how this conflict and oil shortages will be resolved is unprecedented," they added.
Brent crude oil futures for May delivery rose by 3.72%, or 4.07%, to $113.40 a barrel, at 02:05 pm Mecca time.
Meanwhile, the U.S. NYMEX crude for April delivery increased by 3.63% to $109.85 a barrel.
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