Oil Prices Surge Amid Rising Geopolitical Tensions And Sanction Speculations
Oil Prices Surge Amid Rising Geopolitical Tensions And Sanction Speculations . (MENAFN - The Rio Times) Oil prices have surged over 1%, reaching a three-week high amid rising geopolitical tensions and the potential for additional sanctions against Russia and Iran.

The market ...
América - MenaFN
(MENAFN- The Rio Times) Oil prices have surged over 1%, reaching a three-week high amid rising geopolitical tensions and the potential for additional sanctions against Russia and Iran.



The reacted positively as oil regained losses from the previous day, driven by expectations that new sanctions from the United States and European nations could tighten supply.



The contracts for February 2025 closed up 1.47% at $74.49 per barrel on the Intercontinental Exchange in London, marking the highest closing price since November 22. Over the week, Brent has increased by 4.8%.



Meanwhile, West Texas Intermediate (WTI) crude for January also saw significant gains, rising 1.81% to $71.29 per barrel on the New York Mercantile Exchange. This price represents the highest level since November 7, with WTI climbing 6.1% over the week.



The surge in oil prices can be attributed to escalating geopolitical tensions and investor anticipations of further sanctions targeting Russia and Iran, which could limit global oil supply.







On December 13, Russia conducted a large-scale attack on Ukraine's energy infrastructure in response to Ukrainian forces utilizing U.S.-supplied ATACMS missiles, according to the Russian Defense Ministry.



Additionally, satellite imagery released by Maxar indicates that Russia is repairing military transport equipment at a base in Syria. These images show at least two Antonov AN-124 aircraft, among the largest cargo planes globally, at the Hmeimim airbase in Latakia province.

Geopolitical Dynamics Affecting Global Oil Markets

Throughout the week, EU ambassadors agreed to implement a 15th sanctions package against Russia due to its ongoing war in Ukraine, specifically targeting its fleet of tankers. The U.S. government is contemplating similar actions.



U.S. Treasury Secretary Janet Yellen remarked that the current environment of reduced oil demand and lower prices presents an "opportunity" for further sanctions against Russia.



Additionally, the UK, France, and Germany have informed the UN Security Council of their readiness to reinstate international sanctions against Iran if necessary to prevent it from acquiring nuclear weapons.



These developments illustrate how geopolitical dynamics can significantly influence global oil markets and highlight the interconnectedness of international relations and economic stability.



The potential for sanctions not only affects supply but also shapes investor sentiment and market behavior in a highly volatile environment.

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2024-12-13
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(MENAFN - The Rio Times) Oil prices have surged over 1%, reaching a three-week high amid rising geopolitical tensions and the potential for additional sanctions against Russia and Iran.

The market ...
Oil Prices Surge Amid Rising Geopolitical Tensions And Sanction Speculations