Crude Oil Prices Climb Amidst Global Supply Concerns
Crude oil prices climbed, with Brent moving near $61 per barrel on Monday as markets priced in supply risks amidst progress in talks between Washington and Ukraine to end the ongoing war.
The commodity prices were influenced by escalating tensions in the Middle East and heightened concerns over potential supply disruptions.
Brent crude traded at $60.87 per barrel, up 0.7% from last Friday’s close of $60.43. US benchmark West Texas Intermediate (WTI) was at $57.27 per barrel, rising around 0.7% compared with $56,86 last week.
US President Donald Trump said Sunday that significant progress was made toward ending the Russia-Ukraine war following his meeting with Ukrainian President Volodymyr Zelenskyy.
Zelenskyy said they had “really great discussions on all the topics,” noting that 90% of the 20-point peace plan has been agreed upon.
He added that US-Ukraine security guarantees are fully agreed, US-Europe-Ukraine security guarantees are nearly finalized, the military dimension is 100% agreed, and a prosperity plan is still being finalized.
At the same time, Saudi Arabia’s air operations against Yemen and comments by Iranian President Masoud Pezeshkian have added to concerns over supply security in the Middle East.
Iran is in a state of “comprehensive war” with the US, Israel, and Europe, Pezeshkian said Saturday in an interview published on the official website of Iran’s Supreme Leader Ali Khamenei.
“This war is more dangerous, more complex, and more difficult than the war with Iraq” between 1980 and 1988, he added. The Iranian leader accused the US, Israel and some European countries of supporting the collapse of Iran.
Despite these risks, international organisations and market analysts caution that global oil supply may outpace demand in 2026 amid rising non-OPEC output and weaker demand expectations, which is capping further price gains.
Meanwhile, the oil rig count in the US increased by 3 this week, according to the latest data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs, an indicator of short-term production in the country, rose to 409 for the week ending Dec. 26. The number of US oil rigs fell by 74 compared to one year ago. # Crude Oil Prices Climb Amidst Global Supply Concerns CBN Delivers Inflation-Protected Rates on Nigerian Treasury Bills
