| Company | Value | Change | %Change |
|---|
West Texas Intermediate traded near $70 a barrel, up around 4% so far this week, while Brent closed above $73. President-elect Donald’s Trump’s pick for national security adviser has vowed a return to “maximum pressure” on Iran, while the Biden administration is considering new sanctions on Russia’s oil trade before exiting the White House next month.
The prospect of tighter penalties briefly caused a bullish spike in options markets, with skews for both Brent and WTI in a bias toward calls as of Thursday’s close. Oil’s implied volatility also jumped.
Canada, meanwhile, is examining the use of export taxes on major commodities it exports to the US including uranium and oil if Trump carries out his threat to impose sweeping tariffs. The measures, however, would be a last resort, according to officials familiar with the discussions.
Oil is set for the first weekly gain in three, but futures still remain in a tight range they’ve traded in since mid-October. The global market faces a glut next year despite a recent decision by OPEC+ to again delay reviving idled supply, the International Energy Agency said in a report on Thursday.
Also Read: Asian stocks drop ahead of next week’s US Fed meeting
