Brent crude oil futures rose to approximately $71.8 per barrel on Monday, driven by escalating geopolitical tensions in the Middle East following the collapse of Syria's government.
Oil finds support on rising Mid-East tensions
On Sunday, rebels ousted President Bashar al-Assad, ending the Assad family's 50-year rule and raising concerns about further instability in the region. Meanwhile, Saudi Aramco, the world's largest crude oil exporter, lowered its January 2025 prices for Asian buyers to their lowest level since early 2021, due to weak demand from China, the top importer. The company also reduced prices for North-West Europe and the Mediterranean but kept prices unchanged for North America.
OPEC decided to delay output rise
These moves followed OPEC+’s decision to delay planned output increases by three months until April and extend the full unwinding of cuts until the end of 2026. On the supply side, an increase in U.S. oil and gas rig activity last week, indicating higher production from the world’s largest crude producer, also exerted downward pressure on prices.
