OilPrice.com says Brent is creeping toward $120 as Saudi-Houthi tensions drive another weekly rally, leaving President Trump with few good options. It also notes the first Russian diesel cargo is heading to New York and protests have cut Libyan output.
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Brent crude ended the week at its highest since April, settling just below $117 after a weekly gain of more than 6%, as Houthi attacks on Saudi Arabia added to supply fears from the US-Iran war. WTI closed above $103.
The Energy Department authorized an emergency exchange of up to 400,000 barrels of crude from the Strategic Petroleum Reserve to ease fuel supply problems in Louisiana and the surrounding region.
Energy Secretary Chris Wright designated helium as a critical material under the Energy Act of 2020, citing its role in semiconductor manufacturing and advanced energy technologies.
President Trump announced up to $150 million in Defense Production Act Title III funding to expand petroleum production, storage and logistics at U.S. refineries, including restarting a refinery.
