WTI crude oil futures rose toward $68 per barrel on Friday, extending an over 1% gain from the previous session, as markets weighed supply risks against ongoing concerns over US tariff policy. Drone attacks in Iraq’s Kurdistan region cut output by up to 150,000 bpd, while broader regional instability and Israeli strikes in Syria added to market jitters. Seasonal travel demand also lent support, with global consumption averaging 105.2 million bpd so far in July, according to surveys. Additionally, US crude inventories fell sharply last week. Still, uncertainty over US tariffs—which may not be resolved until after August 1—and plans by major producers to unwind output cuts have limited upside momentum. Oil is also heading for a weekly loss of over 1%, the first in three, after President Trump gave Russia 50 days to agree to a ceasefire, easing fears of sanctions disrupting global supply.
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