Oil Prices Continue to Rise amid Escalating Russian-Ukrainian Conflict

Oil prices extended gains on Thursday, weighed down by concerns over rising geopolitical tensions as the war between Russia and Ukraine continues and the conflict in the Middle East widens.

Brent crude futures rose 2.07% to $74.29 a barrel, while US crude futures gained about 2.1% to $70.18 a barrel, according to Refinitiv data.

Latest Oil Prices: 

WTI Crude                 $70.50  +0.57%

Brent Crude              $74.59  +0.48%

Murban Crude          $73.94  +0.48%

Louisiana Light         $71.12  -0.70%

Bonny Light              $78.62  -2.84%

Mars US                    $74.33  -1.67%

Gasoline                   $2.066  +0.34%

Natural Gas             $3.523  +5.51%

The exchange of missiles between Russia and Ukraine continues after Ukraine fired two British Storm Shadow missiles into Russia on Wednesday, the latest new Western weapon it is allowed to use against targets inside Russia, a day after Kiev also fired US ATACMS missiles.

"The risk to oil would be if Ukraine targets Russian energy infrastructure, and uncertainty over how Russia will respond to these attacks is another risk," ING analysts said in a note seen by Reuters.

Earlier this week, production at Norway’s Johan Sverdrup oil field, the largest in Western Europe, was halted due to a power outage, sending oil prices soaring.

The OPEC+ alliance, which includes OPEC and its allies led by Russia, may delay output increases again when it meets on Dec. 1 amid weak global demand for crude, sources familiar with the discussions told Reuters on Thursday.

Markets are closely monitoring developments in the Middle East conflict and the ongoing war between Ukraine and Russia and the implications of these tensions for global energy markets.