The possibility of new sanctions against Russia has raised oil prices

According to IRNA, Reuters news agency wrote: “The increase in oil prices has raised concerns about the disruption of the supply of this product at the same time as the silence of Iran’s nuclear talks.”

Brent crude traded up $ 1.20, or 1.1 percent, to $ 108.73 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude was up $ 1.25, or 1.2 percent, at $ 104.53 a barrel.

World crude oil prices rose more than 3 percent on Monday amid threats of increased sanctions by Russia over the killing of civilians in Ukraine and the suspension of Vienna talks to revive the Iran nuclear deal. Iran holds the United States responsible for halting the talks.

“Geopolitical tensions are likely to push up oil prices in the coming days,” said Tina Teng, an oil market analyst at CMM Market, APEC and Canada.

He added: “In the long run, oil prices will continue to rise, which is due to reduced supply and increased demand to combat high inflation.”

The consulting firm Wood Mackenzie predicted on Monday that members of the European Union and developed economies, including China and South Korea, would “exchange” 650,000 barrels per day of Russian oil for goods of similar grade and volume.

US National Security Adviser Jake Sullivan announced on Monday that Washington would impose new sanctions on Russia this week.

On April 14, 1401, Western media published images of the town of Bucha near Kiev, claiming that Russian forces had fired on civilians as they were leaving the Ukrainian capital.

The Kremlin announced on Monday that it categorically denies any involvement in the killing of civilians in the Ukrainian city of Bucha.

In an interview with his country’s radio station, French President Emmanuel Macron called for a boycott of Russian oil products in response to images of those killed in the city of Bucha.