Oil prices rose marginally in early Asian trade on Friday but were on track for a third straight week of decline, hurt by U.S. President Donald Trump's renewed trade war on China and threats of tariff hikes on other countries.

China’s state-run refiners are expected to resell US oil cargoes and seek alternative supplies in the aftermath of Beijing’s response to Washington tariffs, a move that is already pushing up the cost of some replacement grades.

Oil headed for a third weekly decline as President Donald Trump’s tariffs on China and his push for increased domestic production weighed on the demand outlook. West Texas Intermediate was steady near $71 a barrel,

Russia's oil transit through Ukraine's pipeline system declined by 15% in 2024 to 11.5 million metric tons (230,300 barrels per day), the Vedomosti newspaper said on Friday, citing two sources familiar with Russian energy ministry data.

Ukrainian forces have launched new drone strikes on Russia, targeting an oil depot in the southern Krasnodar region.

An oil facility caught fire following a Ukrainian drone strike against Krasnodar Krai in southwestern Russia overnight on Feb. 5, local authorities and Telegram channels reported. The fire at the Albashneft oil depot was extinguished at 8:11 am Moscow time,