Oil exceeds $85 per barrel

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Oil exceeds $85 per barrel

Oil prices increased on Monday due to the voluntary production cut extension and anticipation of severe US sanctions on Iranian oil.

By midnight GMT, Brent crude futures rose by 0.5% to $85.30 per barrel, while US West Texas Intermediate crude increased by 0.7% to $81.05 per barrel.

Last week, both contracts experienced a second consecutive weekly decline of approximately 6 percent. The decline was caused by a softening of the geopolitical risk premium that emerged from concerns about potential supply disruptions due to the possibility of a widening conflict in the Middle East.