Crude oil prices climbed sharply on Friday, with the U.S. benchmark breaking back above $100 a barrel for the first time in about a month, according to Xinhua.
West Texas Intermediate crude for November delivery settled at $101.41 a barrel on the New York Mercantile Exchange, up $3.44, or 3.51 percent. Brent crude for December delivery rose $3.94 to $109.86 a barrel in London, a gain of 3.72 percent and its highest close in nearly five months.
Xinhua attributed the rally to geopolitical developments surrounding Russia. President Trump recently said a "energy ceasefire" between Russia and Ukraine had been reached, but Xinhua reports that claim has not been confirmed.
The White House's decision to ease sanctions on Russian diesel exports is also drawing opposition on Capitol Hill. Some senators from both the Democratic and Republican parties sent a letter to Trump on October 13 asking him to withdraw the diesel trade agreement reached with Russia, according to Xinhua.
On Friday, lawmakers from both parties in the House of Representatives jointly introduced a bill aimed at blocking the Trump administration from completing oil-sector deals with Russia.
The pushback signals that the administration's Russia energy policy faces resistance from within its own party as well as from Democrats. Traders appear to be pricing in the possibility that the diesel arrangement could be reversed or that broader restrictions on Russian oil could follow.
Investors will be watching how the proposed House bill advances and whether the Senate letter leads the White House to reconsider the diesel agreement.
