Oil holds at 2-week high as Russia, Iran tensions support prices
Oil prices hovered near two-week highs on Monday following 6% gains last week, as geopolitical tensions heightened between western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures climbed 13 cents, or 0.2%, to $75.30 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude futures were at $71.38 a barrel, up 14 cents, or 0.2%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using U.S. and British weapons.
«The recent exchanges indicate the war has entered a new and dangerous phase, raising concerns of disruptions to supplies,» ANZ analysts led by Daniel Hynes said in a note.
In addition, Iran reacted to a resolution passed by the U.N. nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
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