Oil prices soared Friday morning to new multi-month highs. The front month WTI oil contract was trading at $77.00/bbl early this morning, up almost 4% on the day. There appeared to be several catalysts behind the move, including fresh concern over potential new sanctions on Russia or maybe even Iran as well, which were cited in the Reuters comments below.
In addition, inflation concerns appear to be picking up again as evidenced by the strong increase in bond yields over the last few months, while the US jobs numbers also came in better than expected this morning. Chart watchers were also likely behind part of the move, as increasing momentum drove crude prices through the 200-day moving average.
Oil jumps more than 3% on concern over more sanctions on Russia and Iran https://t.co/aHWwwyrNPF
— Reuters Energy and Commodities (@ReutersCommods) January 10, 2025