Oil prices rose as Norway's Johan Sverdrup oilfield halted output due to a power outage, while escalating tensions in the Russia-Ukraine conflict added further pressure on global markets.
Oil prices rose on Monday following news that Norway’s Johan Sverdrup oilfield, western Europe’s largest, was shut down due to an onshore power outage. Brent crude climbed $1.52 (2.14%) to $72.56 per barrel, while U.S. WTI rose $1.39 (2.07%) to $68.41.
The outage, which has no clear restart timeline, could tighten the North Sea crude market, UBS analyst Giovanni Staunovo said. Brent futures are supported by North Sea crude supply.
Prices were also boosted by an escalation in the Russia-Ukraine war. Over the weekend, the U.S. allowed Ukraine to use American-made weapons for strikes deep into Russia. The Kremlin condemned the move, warning it could heighten tensions with NATO.
Analysts noted oil prices could climb further if Ukraine targets Russian oil infrastructure, despite minimal impact on Russian exports so far.
Last week, Brent and WTI fell over 3% due to weak Chinese refinery data and IEA forecasts of oversupply by 2025 despite OPEC+ cuts.
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