Prices also rose as Russia's war in Ukraine escalated over the weekend.
Oil prices gained about $2 a barrel on Monday after news of halted crude production at Norway’s Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war.futures were up $2, or 2.8%, to $73.04 a barrel at 11:55 a.m. EST , while US West Texas Intermediate crude futures were at $68.90 a barrel, up $1.88, or 2.8%.
Oil prices extended their gains on the outage news, which indicated a possible tightening of the North Sea crude market, UBS analyst Giovanni Staunovo told Reuters. Physical supply of crude oil from the North Sea underpins the Brent futures complex.In a significant reversal of Washington’s policy, President Joe Biden’s administration has allowed Ukraine to use US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
“Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray,” IG markets analyst Tony Sycamore said. Russia unleashed its largest airstrike on Ukraine in almost three months on Sunday, causing severe damage to the country’s power system.
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