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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Italian Prime Minister Giorgia Meloni said on Saturday (17 January) that concerns over security in Greenland should be addressed within the framework of NATO, describing a ground military intervention as highly unlikely.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
The European Union has called an emergency meeting of its ambassadors after U.S. President Donald Trump vowed to impose escalating tariffs on European allies unless the United States is allowed to buy Greenland.
The European Union and South American bloc Mercosur have signed a long-awaited free trade agreement in Paraguay, opening the way for what would become the EU’s largest-ever trade deal.
A railway power outage in Tokyo disrupted the morning commute for roughly 673,000 passengers on Friday (16 January) as two main lines with some of the world's busiest stations were halted after reports of a fire.
The Turkish Defence Ministry has voiced its support for recent military operations by Syrian government forces against the Kurdish-led Syrian Democratic Forces (SDF), which enjoy the support of the United States.
Tens of thousands of users were left unable to access Elon Musk’s social media platform X on Friday, with outages reported across multiple countries including the United States, the United Kingdom, Canada and Australia.
Armenia has reaffirmed that it has no intention of taking any actions directed against Iran, with senior officials stressing that relations with Tehran remain friendly and constructive.
Russian President Vladimir Putin held separate calls with Israeli Prime Minister Benjamin Netanyahu and Iranian President Masoud Pezeshkian on 16 January, offering Russia’s help to mediate tensions and promote dialogue in the Middle East.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
The UK economy grew more strongly than expected in November, according to official figures, offering signs of resilience after months of weak performance.
China recorded the world’s largest-ever trade surplus in 2025, reaching $1.2 trillion as exporters shifted focus away from the U.S. amid ongoing trade tensions.
A coalition of women’s rights organisations, technology watchdogs and progressive campaigners is urging Apple and Google, owned by Alphabet, to remove the social media platform X and its associated chatbot, Grok, from their app stores.
Boeing booked more aircraft orders than Airbus in 2025 for the first time since 2018, official figures showed, even as the European manufacturer delivered more planes during the year.
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