Oil settles over 2% higher, posts weekly rise

Oil drilling rigs

Oil prices settled higher on Friday after reports that crude exports from Russia’s Novorossiysk port were halted following a Ukrainian attack, raising concerns over global supply disruption.

Brent crude for January delivery climbed 2.19%, or $1.38, to $64.39 a barrel, posting a 1.20% weekly gain.

US WTI crude for December delivery advanced 2.39%, or $1.40, to $60.09 a barrel, up 0.57% for the week.

Reuters reported, citing Russian officials, that Ukrainian missile and drone strikes damaged a vessel docked at Novorossiysk as well as residential buildings and an oil depot.

The port handles roughly 2% of global oil supplies—about 2.2 million barrels a day—and the attack disrupted crude shipments.

In a separate strike, Ukraine said on Friday it hit an oil refinery in Russia’s Saratov region and a fuel-storage facility in nearby Engels overnight.

These developments offset investor concerns about global oversupply and softening US demand.