Oil holds gains above $83 amid Russia-Ukraine supply concerns

Crude oil held above $83 per barrel on Friday after rebounding in the previous session, as escalations in the Russia-Ukraine war shifted market attention from the Middle East toward Eastern Europe.

Reports indicated that Russian President Vladimir Putin said talks with Ukraine had yielded no results and that Russia was preparing to intensify the war.

Ongoing Ukrainian strikes on Russian refineries and ports are disrupting the country’s energy infrastructure and could constrain its ability to export crude and refined products.

Still, oil prices are on track to end the week lower as markets weighed signs of diplomatic progress in the Middle East and improving supply prospects through the Strait of Hormuz.

Iran’s military said it had reached a revenue-sharing agreement with Oman over the strategic waterway, although Tehran stressed that the arrangement does not guarantee an immediate reopening of the strait.