Oil Prices Edge Higher Amid U.S. Supply Disruptions and Rising Geopolitical Tensions

PUKMEDIA

Oil field.

Global oil prices inched higher on Monday after registering gains of more than 2 per cent in the previous trading session, supported by supply disruptions in key U.S. crude-producing regions and escalating tensions between Washington and Tehran.

According to Reuters, Brent crude futures rose by 7 cents, or 0.1 per cent, to USD 65.95 per barrel by 11:07 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 3 cents, or 0.1 per cent, to USD 61.10 per barrel.

Both international benchmarks recorded weekly gains of approximately 2.7 per cent, closing on Friday at their highest levels since 14 January, reflecting renewed optimism in energy markets amid tightening supply conditions.

Market sentiment has also been influenced by heightened geopolitical risks, particularly ongoing tensions between the United States and Iran, which continue to unsettle investors and energy traders.

Last week, U.S. President Donald Trump stated that an “armada” was heading towards Iran, while expressing hope that military action would not be required. He reiterated warnings to Tehran against the killing of protesters or any move to resume its nuclear programme. In response, a senior Iranian official warned on Friday that any attack on Iran would be treated “as an all-out war”.

In parallel developments affecting global supply, Kazakhstan’s Caspian Pipeline Consortium announced that it had returned to full loading capacity at its Black Sea terminal on Sunday, following the completion of maintenance work at one of its three mooring points.

Separately, Tengizchevroil, the operator of Kazakhstan’s giant Tengiz oilfield, confirmed on Monday that it has begun a gradual resumption of production after a prolonged outage, potentially easing some supply pressures in the coming weeks.

Elsewhere, Colombia announced the suspension of electricity exports to Ecuador and the imposition of a 30 per cent tariff on 20 products imported from its neighbour, underscoring broader regional economic frictions that may also affect energy markets.



PUKMEDIA