Oil prices rose due to US actions

The analyst believes that the “unsustainable ceasefire in the Middle East” is increasing pressure on prices. Brent oil prices rose 2.8 percent to $73.86 per barrel. According to the Financial Times, oil prices rose 3 percent after the US imposed additional sanctions on 35 companies and vessels it said were part of a “shadow fleet” playing a major role in exporting illegal Iranian oil.

Brent crude rose 2.8 percent to $73.86 a barrel, while U.S. benchmark WTI rose 3.1 percent to $70.23 a barrel. According to a statement from the US Treasury Department, the sanctions are similar to those previously imposed in response to Iran's missile attack on military targets in Israel.

Traders have also begun to worry that OPEC+ is in no hurry to increase output as the group nears an agreement to delay production increases. Rystad Energy analyst Jorge Leon argues that the “unsustainable ceasefire in the Middle East” is also adding to price pressures.

Oil prices increased on Monday, December 2, thanks to increased industrial activity in China and increased tensions in the Middle East. Brent crude futures rose 57 cents, or 0.79%, to $72.41 a barrel. At the same time, prices for US West Texas Intermediate increased by 58 cents, or 0.85%, to $68.58 per barrel.

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