Oil prices continued to rise on Monday, following an increase of over 2% in the prior session, as geopolitical tensions between the U.S. and Iran maintained a sense of unease among investors, despite the resumption of full operations at Kazakhstan’s primary export pipeline. Brent crude futures experienced an increase of 12 cents, equivalent to 0.18%, reaching a price of $66 per barrel at 0127. U.S. West Texas Intermediate crude stood at $61.21 a barrel, reflecting an increase of 14 cents, or 0.23%.

Both benchmarks recorded weekly gains of 2.7%, concluding on Friday at their peak levels since January 14. A U.S. military aircraft carrier strike group, along with additional assets, is anticipated to reach the Middle East in the near future. On Thursday, U.S. President Donald Trump stated that the U.S. had a “armada” en route to Iran but expressed a desire not to resort to its use, while advising Tehran against harming protesters or resuming its nuclear program.

On Friday, a senior Iranian official stated that Iran would regard any attack “as an all-out war against us. “President Trump’s declaration of a U.S. armada sailing toward Iran has reignited concerns over supply disruptions contributing to an increase in the risk premium on crude prices and fostering broader risk aversion flows this morning, according to market analyst Tony Sycamore. Kazakhstan’s Caspian Pipeline Consortium announced that it has restored full loading capacity at its terminal on the Black Sea coast as of Sunday, following the completion of maintenance at one of its three mooring points.

In the United States, there was a decline in crude and natural gas production, while spot power prices experienced a surge as a winter storm began to move across the nation on Friday. Severe winter weather has impacted oil production, resulting in losses of approximately 250,000 bpd, with notable declines observed in the Bakken, Oklahoma, and certain regions of Texas, according to a note from analysts.