Baghdad: Oil prices stabilized during today’s session, Monday, the beginning of the week’s trading, as investors await any clarifications regarding the talks to end the war between Russia and Ukraine. Brent crude futures rose 0.5 percent to $74.56 per barrel, as US West Texas Intermediate crude also rose by 0.014 percent to $70.51 per barrel.

According to National Iraqi News Agency, Brent and US West Texas fell by more than $2 per barrel on Friday, with the former recording a weekly decline of 0.4 percent and the latter 0.5 percent. All eyes remain on the talks aimed at ending the Russia-Ukraine war, which is entering its fourth year.

US and EU sanctions on Russian oil exports have limited shipments and disrupted seaborne oil supply flows, and global energy supplies are expected to increase if a peace deal is reached and sanctions are lifted.