Underpinned In Asia As Ukraine Invasion Progresses

WTI is ~+$2.20 and Brent is ~+$2.40, printing ~$95.00 and ~$101.50 respectively. Both benchmarks trade well clear of Thursday’s troughs, with geopolitical matters remaining front and centre, as reports of Russian advances towards the Ukrainian capital did the rounds in Asia, with a fresh round of missile attacks also noted.

• To recap, Thursday saw WTI and Brent fall sharply away from fresh cycle highs (with the initial move higher facilitated by the commencement of the Russian invasion of Ukraine) as the U.S. announced a fresh round of sanctions that ultimately avoided targeting the Russian energy sector.
• The ongoing Iranian nuclear talks in Vienna have yielded no new developments of significance, although hope for a potential deal in the coming weeks remains elevated (data intelligence firm Kpler suggested that Iran has moved up to 100mn bbls of oil onto tankers in anticipation of a resumption in oil exports).