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.
