Oil prices rose in early trading hours on Monday in the Asian market, reportedly on concern over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine.
A shrinking US rig count also added to upward price pressure, analysts said.
Brent crude futures had climbed 24 cents, or 0.3 percent, to $85.67 a barrel, while the US crude futures gained 25 cents or 0.3 percent, to $80.88 per barrel, Reuters reported.
Both benchmarks logged less than one percent change last week versus the previous week.
“Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply,” the Reuters report said, citing Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
Russia struck critical infrastructure in Ukraine’s western region of Lviv with missiles early on Sunday, Kyiv said.
The move followed Ukraine’s recent attacks on Russian oil infrastructure, with at least seven refineries targeted by drones just this month.
Meanwhile, the US oil rig count fell by one to 509 last week, showed data from energy services firm Baker Hughes, indicating lower future supply.
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