Oil closes at highest level in 6 sessions

Oil drilling rigs

Oil prices extended gains today, Nov. 18, amid concerns over rising geopolitical tensions in Europe, following reports that the White House had allowed Ukraine to use long-range US weapons in its war with Russia.

Brent crude futures for January 2025 delivery rose 3.2%, or $2.26, to settle at $73.30 a barrel—the highest level in six sessions.

WTI crude futures for December delivery added 3.2%, or $2.14, to $69.16 a barrel—the highest level since Nov. 8 ($70.38).

Geopolitical risk premiums have increased amid rising uncertainty over the nearly 33-month-old conflict in Ukraine, with concerns about the potential impact of any attacks on energy supplies as winter sets in.

This came after the Associated Press quoted officials saying that President Joe Biden had authorized Ukraine to use missiles supplied by the US to launch strikes deeper into Russia, following the deployment of North Korean forces along Ukraine's northern border.