Oil prices unchanged, record monthly gains of over 16%

Oil prices were steady on Friday, but recorded their first monthly gains in six months, as investors assessed global supply prospects amid ongoing geopolitical volatility.

Benchmark Brent crude futures for March delivery — which expired today — settled unchanged at $70.69 per barrel, maintaining weekly gains of 7.30% and surging 16.17% over January.

Meanwhile, WTI crude futures for March delivery slipped 0.32%, or 21 cents, to $65.21 per barrel, but posted weekly and monthly gains of 6.80% and 13.60%, respectively.

The weaker daily performance of oil prices was driven by a stronger US dollar, alongside US President Donald Trump’s indication that a settlement to the Russia–Ukraine war may be nearing, and Iran is seeking to reach a nuclear agreement.

On a weekly and monthly basis, oil prices were supported by Trump’s threat of military action against Iran, in addition to his continued protectionist trade agenda, and disruptions to US crude production caused by a severe winter storm that froze wells and infrastructure.