The price of May Brent futures on the London ICE Futures exchange rose by $6.09 (6.62%) to $98.07 per barrel at 7:12 a.m. Earlier during the session, Brent again exceeded $100 per barrel. On Wednesday, the contract rose in price by $4.18 (4.8%) to $91.98 per barrel.
WTI crude oil futures for April delivery on the New York Mercantile Exchange (NYMEX) are currently up $5.29 (6.06%) to $92.54 per barrel. At the end of the previous session, the value of these contracts rose by $3.8 (4.6%) to $87.25 per barrel.
An Iranian underwater drone attacked two oil tankers in the Persian Gulf overnight, Iranian state television IRIB reported. Earlier, a source in the Iraqi security service in Basra told CNN that a ship loaded with explosives rammed into two tankers at once.
CNN specifies that the ships Zefyros, flying the Maltese flag, and Safesea Vishnu, flying the Marshall Islands flag, were on fire. The registered owner of the Safesea Vishnu is the American company Safesea Transport Inc., while the owner of the Zefyros is based in Greece.
Iraq’s oil ports have been suspended following the fire, according to Farhan al-Fartousi, head of the Iraqi Ports Authority. He said one person had died and 38 others had been rescued.
Meanwhile, Oman has ordered ships to leave the Mina al-Fahal export terminal as a precaution, Bloomberg reports, citing informed sources. According to Kpler, about 1 million barrels of oil were exported from the terminal daily.
Earlier, a representative of the Iranian armed forces said that the world should prepare for oil at $200 per barrel, as fuel prices depend on security in the region, and Israel and the US have violated this security with their actions.
“The only thing that could lead to a long-term decline in prices is the resumption of oil supplies through the Strait of Hormuz,” ING analysts wrote. “If this does not happen, we can expect new highs.”
Oil prices rose yesterday, despite the fact that OPEC member countries agreed to supply a record 400 million barrels from their strategic reserves to the world market. The timing of the release of reserves will depend on the circumstances in each individual country. The total strategic oil reserves of IEA member countries exceed 1.2 billion barrels, with another 600 million barrels in state-owned industrial reserves.
“The release of IEA oil reserves may only be a temporary solution, while supply disruptions and significant production cuts in some Middle Eastern countries could cause a long-term supply shortage,” said Tina Teng of Moomoo ANZ.
On Wednesday, it was also reported that commercial oil reserves in the US rose by 3.824 million barrels last week to a maximum of 443.1 million barrels since May 2025. Experts had forecast an average increase of 1.1 million barrels, according to Trading Economics.
Earlier, the Experts Club information and analytical center released a video dedicated to global oil production in 1900–2024 and the leading producing countries.
Brent, EXPERTS CLUB, IRAN, OIL, TANKER
Oil prices rose moderately on Monday morning after last week’s gains.
The price of November Brent futures on the London ICE Futures exchange rose by $0.36 (0.54%) to $67.35 per barrel at 8:18 a.m. Last Friday, the contract rose by $0.62 (0.93%) to $66.99 per barrel.
WTI crude oil futures for October delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform rose by $0.36 (0.57%) to $63.05 per barrel. At the end of the previous session, the value of these contracts increased by $0.32 (0.51%) to $62.69 per barrel.
Both brands rose in price by more than 1% over the past week.
Market participants are following news of Ukrainian drone strikes on Russian oil infrastructure, including large refineries and export terminals.
“Attacks on Russian energy infrastructure could reduce exports of Russian oil and refined products,” said UBS analyst Giovanni Staunovo.
IG analyst Tony Sicamore noted that if Ukraine continues to attack Russian export infrastructure, global oil price forecasts will be revised upward.
Meanwhile, data from oilfield services company Baker Hughes showed that the number of active oil rigs in the US increased by two last week to 417. The number of gas rigs remained unchanged at 118.
Oil prices continued to rise on Tuesday morning on fears of a reduction in global supplies in the event of new sanctions against Russia.
The price of November Brent futures on the London ICE Futures exchange rose by $0.48 (0.73%) to $66.5 per barrel as of 8:16 a.m. On Monday, the contract rose by $0.52 (0.79%) to $66.02 per barrel.
WTI crude oil futures for October delivery on the New York Mercantile Exchange (NYMEX) rose by $0.44 (0.71%) to $62.7 per barrel. At the end of the previous session, the value of these contracts increased by $0.39 (0.63%) to $62.26 per barrel.
US President Donald Trump said last weekend that he was ready to introduce a second phase of restrictive measures against Russia. Meanwhile, the European Union is discussing a 19th package of sanctions against Russia, which will affect a number of banks and energy companies, Bloomberg writes, citing sources. According to them, some of the measures may be agreed with the US for the first time since Trump became president.
Meanwhile, ministers from eight OPEC+ countries participating in voluntary oil production cuts agreed last weekend to increase production in October by 137,000 bpd. This will be the first step in a partial return to the market of voluntary restrictions of 1.65 million bpd, which were to remain in effect until the end of 2026.
“The market priced in the production increase last week and is now watching to see if global fuel inventories start to rise, which could mean a reduction in spare production capacity in the future,” said Rebecca Babin of CIBC Private Wealth Group. “Such a rally, driven by a sense of relief, may briefly slow down the bearish trend, but only for a few days.”
Oil prices are rising on Monday morning as traders assess OPEC+’s decision and Washington’s new statements on sanctions against Russia amid Russia’s continued full-scale military aggression against Ukraine.
The price of November Brent futures on the London ICE Futures exchange rose by $0.83 (1.27%) to $66.33 per barrel as of 7:15 a.m. On Friday, the contract fell by $1.49 (2.22%) to $65.50 per barrel.
WTI crude oil futures for October delivery on the New York Mercantile Exchange (NYMEX) rose by $0.77 (1.24%) to $62.64 per barrel. At the end of the previous session, the price of these contracts fell by $1.61 (2.54%) to $61.87 per barrel.
Over the past week, Brent and WTI futures fell in price by more than 3% on fears of an oversupply in the market if OPEC+ countries increase production.
Ministers from eight OPEC+ countries participating in voluntary oil production cuts approved an increase in production by 137,000 bpd in October at a meeting on September 7. The decision was made in view of the stable outlook for the global economy and favorable market conditions, reflected in low oil inventories, according to a statement from the alliance.
This will be the first tranche of a partial return to the market of voluntary restrictions of 1.65 million bpd, which were to remain in effect until the end of 2026. Now, the plan is to get rid of them by August.
Meanwhile, the production increase agreed upon over the weekend turned out to be less significant than previous ones.
“The moderate increase in OPEC+ production has brought relief to the market,” wrote Fujitomi Securities analyst Toshitaka Tazawa, adding that the increase in production had already been factored into prices, and now there is a technical rebound.
“Expectations of a supply reduction due to possible new US sanctions against Russia are also providing support,” the expert noted.
US President Donald Trump said on Sunday that he was ready to impose a second phase of restrictive measures against Russia. Trump considers the additional tariffs imposed on India to be the first phase of anti-Russian measures. Washington justified these measures by saying that Delhi buys oil from Russia.
Oil prices are rising on Monday amid weak trading activity before the Christmas holidays.
On Wednesday, stock exchanges in the US, UK, Germany, France and other European countries, as well as Hong Kong, South Korea and Australia, will be closed for Christmas. Many sites will remain closed on Thursday as well.
The cost of February futures for Brent on the London ICE Futures exchange as of 7:20 a.m. is $73.27 per barrel, which is $0.33 (0.45%) higher than at the close of the previous trading. On Friday, these contracts fell by $0.06 (0.1%) to $72.94 per barrel.
Futures for WTI for February in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.38 (0.55%) to $69.84 per barrel. At the end of the previous session, the value of these contracts increased by $0.08 (0.1%) to $69.46 per barrel.
Last week, Brent fell by 2.1%, WTI – by 1.9%.
On Monday, traders are evaluating the statements of US President-elect Donald Trump, who demanded that the Panama Canal Authority reduce the fee for the passage of ships through this waterway. Otherwise, Washington may regain control of this facility, Trump said.
“Trump’s threats and rhetoric in the international arena are mostly just noise for the oil markets at the moment,” said Vanda Hari, founder of Vanda Insights in Singapore. – “Given the low trading activity and the lack of strong market signals, I expect the sideways trend to continue until the end of the year.
Experts at Haitong Futures, whose review was cited by The Wall Street Journal on Monday, note that the US statistics released on Friday showed a weaker-than-expected increase in the Federal Reserve’s key inflation indicator (PCE index). This somewhat eased investors’ fears of a sharp slowdown in the pace of policy easing by the US Central Bank, Haitong said in a review.
Oil prices are rising on Monday after a significant decline last week.
The cost of February futures for Brent on the London ICE Futures exchange as of 7:25 a.m. is $72.2 per barrel, which is $0.36 (0.5%) higher than at the close of the previous trading. On Friday, these contracts fell by $0.94 (1.3%) to $71.84 per barrel.
January futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.37 (0.54%) to $68.37 per barrel. At the end of the previous session, the value of these contracts decreased by $0.72 (1.1%) to $68 per barrel.
Last week, Brent fell by 3%, WTI – by 4.6%.
On Monday, the market was supported by positive statistics from China published last weekend.
The Purchasing Managers’ Index (PMI) in China’s manufacturing industry increased to 50.3 points in November from 50.1 points a month earlier, according to the country’s State Statistical Office (SSO). Thus, the indicator reached a seven-month high. A PMI reading above 50 points indicates an increase in activity in the industrial sector, while a reading below 50 points indicates a decline. The indicator has been above this level for two months.
Traders’ attention is now focused on the OPEC+ Ministerial Monitoring Committee meeting and the ministerial meeting, which were postponed from December 1 to December 5. The reason for the postponement was the participation of several ministers in the Kuwaiti summit.
Earlier, Bloomberg reported that the key OPEC+ countries have begun discussions about a possible further postponement of the oil production increase scheduled for January. According to the agency, the countries doubt that the market situation allows them to increase production in January and may postpone these plans for several months.
