Oil jumps over 2% on tighter market outlook; Brent posts 3% weekly gain; US tariffs, Russia sanctions in focus

Oil prices surged over 2% due to IEA’s report of a potentially tighter global market driven by strong summer demand. Concerns about new US tariffs and potential sanctions on Russia further fueled the price increase. Despite near-term constraints, IEA increased supply growth predictions while reducing demand forecasts, suggesting a possible future surplus.