Oil Prices Rise Alongside Geopolitical Risk

Oil prices are climbing once again as geopolitical risk rises and the threat of new U.S. sanctions on Russia's shadow fleet threatens supply.Oil prices have finally outgrown the pains of the OPEC+ meeting, with the potential threat of sanctions now front and center this week. New G7 sanctions on Russia’s shadow fleet, Chinese concerns about buying Iranian crude with Trump coming into office, and looming nuclear sanctions on Tehran have added some geopolitical risk premium to oil, lifting Brent back to $74 per barrel, posting the first weekly…