Brent crude futures climbed by $2.06, or 2.9%, reaching $73.10 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by $1.97, also a 2.9% gain, to $68.99 per barrel as of 1:24 p.m. EST (1824 GMT).
Equinor, the operator of the Johan Sverdrup field, confirmed that output had been suspended due to a power outage at an onshore facility. While efforts to restart production are underway, the timeline for resumption remains unclear.
The halt in production at the Johan Sverdrup field, the largest oilfield in western Europe, raised concerns about a potential tightening of the North Sea crude market, according to UBS analyst Giovanni Staunovo. The disruption affects the physical supply of oil from the North Sea, which is a key factor influencing the Brent futures market.
In addition to the Norwegian oilfield shutdown, oil prices were further supported by escalating geopolitical tensions. Over the weekend, the U.S. took a significant step by allowing Ukraine to use American-made weapons to target deeper within Russian territory. This policy shift, confirmed by U.S. officials, has heightened concerns about the conflict’s impact on global energy markets.
