Oil prices edged up on Monday as the US Dollar slipped and supply concerns mounted over the Biden Administration slamming Iranian oil with tighter sanctions in light of the Islamic Republic’s alleged involvement in the surprise Gaza attack, on October 7.
Top exporters Saudi Arabia and Russia also announced they would stick to the extra voluntary oil output and supply cuts announced earlier this year, bolstering oil prices.
Brent crude futures rose $0.55, or 0.65 percent, to $85.44 a barrel by 0700 GMT, according to Reuters, and West Texas Intermediate (WTI) crude traded at $81.14 a barrel, up $0.63, or 0.78 percent.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.