Futures contracts widened as US and Europe drafted new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, raising concerns about a halt to supply while talks on Iran’s nuclear program.
Brent futures are up $ 1.20, or 1.1%, at $ 108.73 a barrel, while West Texas Intermediate is up $ 1.25, or 1.2%, at $ 104.53.
Earlier, both contracts rose more than $ 2 a barrel as the Japanese Minister of Industry announced that the International Energy Agency was working on the details of a planned second round of coordinated stock release.
World crude futures rose more than 3% under threat of further sanctions on Russia following the killing of civilians in Ukraine and the suspension in Vienna of talks to revive the Iran nuclear deal, which could bring more barrels of Iranian oil on the market.
“Geopolitical tensions are likely to keep oil prices rising in the next few days despite efforts by the US and its allies,” said a CMC Markets APAC & Canada analyst, referring to the coordinated release of oil by consumer countries.
Source: Capital
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