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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Two rockets struck the Kirkuk Air Base and a nearby residential neighbourhood on Monday night, Iraqi security officials said.
Mexican authorities discovered 20 bodies, including several decapitated, on Monday in the western state of Sinaloa, where cartel violence has sharply increased.
An oil tanker carrying one million barrels of crude oil exploded near the Libyan coast, Bloomberg reported on 30 June.
U.S. President Donald Trump signed an executive order on Monday ending the U.S. sanctions programme on Syria, the White House confirmed.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
The French Riviera town of Cannes will restrict large cruise ships from docking starting from January 2026, as part of new efforts to manage over tourism and protect local infrastructure.
Polish refiner Orlen will not buy Russian oil for its Czech refinery after 30 June, Chief Executive Ireneusz Fafara said on Monday. "We freed Central Europe from Russian oil today," Fafara stated.
Starting today, British car and aerospace manufacturers will benefit from significant tariff reductions when exporting to the United States, thanks to the implementation of a landmark UK-US trade agreement. This move is expected to safeguard thousands of jobs in the United Kingdom.
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
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