Brent crude futures rose toward $70 per barrel on Friday, hovering near an eight-week high and set for its strongest weekly gain since early June, as conflict-related pressures on Russian oil spurred supply concerns. US President Donald Trump urged Turkish President Recep Tayyip Erdogan to halt oil imports from Russia to increase constraints on Moscow amid the Ukraine conflict. Ukraine’s attacks on Russia’s energy infrastructure early in the week have also prompted Moscow to curb fuel exports and consider cutting crude output. Russian Deputy Prime Minister Alexander Novak announced a partial diesel export ban through the year-end and an extension of the gasoline export ban, as declining refining capacity has led to shortages of certain fuel grades. Offsetting some of the bullish momentum, the return of Kurdish oil exports, while tempered expectations for US rate cuts, which could have supported economic growth and lifted demand, added further downside risks.
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