By Gina Lee

Investing.com – Oil was up on Friday morning in Asia, rebounding as fears of a disruption in Russian oil exports eclipsed the potential revival of an Iranian nuclear deal and more supply.

At 11:15PM ET (4:15 GMT), prices rose 1.51%, to $112.13 The session’s high point of $112.84 was reached earlier in the session, when it rose 1.9%.

Recently, oil prices rose on signs of Russia’s invasion in Ukraine. This is a continuation of a recent upward trend. The latest news is that Russia has invaded Ukraine’s Enerhodar region.

After Russia invaded Ukraine on February 24, the West placed sanctions against Russia. Additionally, rising oil prices were caused by fears about Russian oil shipments being disrupted. Due to sanctions, trading in Russian crude oil appears to be frozen. Buyers are hesitant because of this. Russia and Iran are the largest exporters of oil products.

“Price gains linked to actual and perceived disruptions to Russian oil exports should more than offset any fall in prices from potentially more Iranian crude oil supply,” Commonwealth Bank Of Australia analyst Vivek Dhar told Reuters.

Prices moved in the $10-$15 range Thursday but settled lower as investors concentrated on the renewal of the Iranian nuclear agreement that would boost Iranian oil exports, and reduce tightening supply.

After reaching their highest levels in 10 years earlier this week, the black liquid will post its largest weekly gains since mid 2020. Brent futures are up 22% while WTI futures rise more than 22%.

Dhar of Commonwealth Bank predicts Brent futures will average $110/barrel in the second and three quarters 2022. However, prices could rise to levels that are not in our projections. He stated that Brent futures may trade at $150 or even higher.

Talks to revive the 2015 Iran nuclear agreement appeared close to a climax. A ministerial conference could be scheduled soon. On Thursday, the U.N. reported that Iran almost has enough enriched Uranium to create a bomb.