Oil prices continue to rise, with weekly gains likely to be the largest since 2022

1. Oil prices continued to rise on Friday, with Brent crude up nearly 2% from Thursday's closing price to $85.60 per barrel, and US crude up about 2.75% from Thursday's closing price to $81.05 per barrel. So far this week, Brent has surged 17% and WTI has jumped more than 20%, on track for the largest weekly gain since the Russia-Ukraine conflict in February 2022.2. The US government is considering intervening in the crude oil futures market to curb rising oil prices and allowing the purchase of sanctioned Russian crude to ease supply shortages caused by the Middle East war. A senior White House official revealed that the Treasury Department is expected to announce measures to address rising energy prices, including possible actions to intervene in the futures market, but did not disclose specific details.3. At the same time, the US Treasury Department has approved a waiver allowing companies to begin purchasing sanctioned Russian crude stored on tankers. The first waivers were granted to Indian refiners, who immediately bought millions of barrels of spot Russian crude, reversing months of pressure to stop buying Russian oil.4. Analysts pointed out that although crude oil prices have risen nearly 20% this month, current oil prices are only $3.40 higher than the average of the past four years, a relatively moderate increase, especially compared to the sharp volatility when oil prices broke through $100 during the Russia-Ukraine conflict in 2022.