Oil jumps 4% $111.55 a barrel.

14 May Oil jumps 4% $111.55 a barrel.

Oil prices rose about 4% on Friday on high gasoline prices in US, China’s readiness to ease pandemic restrictions and investors concern over European Union’s ban of Russian oil.

Brent futures rose $4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose $4.36, or 4.1%, to settle at $110.49.

Oil prices have been volatile, supported by worries a possible EU ban on Russian oil could tighten supplies but pressured by fears that a resurgent COVID-19 pandemic could cut global demand.

This week, Moscow slapped sanctions on several European energy companies, causing worries about supplies.

In China, authorities pledged to support the economy and city officials said Shanghai would start to ease coronavirus traffic restrictions and open shops this month.

“Crude prices rallied on optimism that China’s COVID situation was not worsening and as risky assets rebounded,” said Edward Moya, senior market analyst at data and analytics firm OANDA.

Global shares rose after a volatile week of trading, pushing up stock indexes in the United States and Europe.

The EU said there was enough progress to relaunch nuclear negotiations with Iran. The U.S. said it appreciated the EU’s efforts but said there was no agreement yet and no certainty that one might be reached.

Analysts said an agreement with Iran could add another 1 million bpd of oil supply to the market.