- Brent crude slipped Monday morning to below $87/Bbl despite rising geopolitical risk between Russia-Ukraine, and attacks on the UAE from Houthi rebels
- NATO is bolstering the alliance's defenses in eastern Europe in response to Russia’s military buildup around Ukraine (WSJ)
- Yemen’s Houthi rebels targeted the UAE, the second attack in a week by the Iranian-backed group
- Iran has said a return to the nuclear deal was closer than ever though progress is slow (BBG)
- Saudi Aramco says oil demand is nearing pre-pandemic levels
- Oil prices have surged this year as demand has continued to recover and the Omicron variant proves to be less damaging economically than initially feared
- Chief Executive Officer Amir Nasser said there’s no sign that rising prices are causing consumers to limit consumption, and warned that crude could climb even more if Western governments and energy companies pull back from fossil fuels too quickly