Oil up on Monday

Oil prices rose on Monday as investors weighed new US sanctions on Iranian exports amid ongoing talks to end the war in Ukraine, which could boost Russian crude supply. Brent crude climbed 0.5 per cent to $72.52 a barrel, while US West Texas Intermediate (WTI) rose 0.6 per cent to $68.68.

Fresh US sanctions, including measures targeting a Chinese refinery processing Iranian crude, have raised expectations of tighter supply. Analysts estimate the sanctions could remove up to 1 million barrels per day from the market, though this may be offset by increased OPEC+ production.

Meanwhile, US and Russian officials held talks in Saudi Arabia on a potential ceasefire in Ukraine, with Washington also pushing for a Black Sea maritime deal. OPEC+ last week outlined further output cuts by some members to compensate for previous overproduction, despite plans to ease supply curbs next month.

Attribution: Reuters
Subediting: M. S. Salama