Kurdish oil fields attacked and new EU sanctions pushed up oil prices.

The rise in oil prices is due to concerns about supply disruptions caused by drone attacks on oil fields in Iraqi Kurdistan and new sanctions imposed by the EU on the Russian energy sector. The EU's new sanctions include a ban on the Nord Stream pipeline and a reduction in the upper limit of oil prices. Meanwhile, according to the Kurdistan Oil Industry Association, attacks on Kurdish oil fields have resulted in a daily production interruption of over 200,000 barrels. Oil prices are also supported by short-term fundamentals, which indicate that the market will be quite tight this quarter. Soojin Kim of Mitsubishi UFJ said, "Despite OPEC+ steadily relaxing supply restrictions, near-term contracts for crude oil and diesel are still in a spot premium situation, indicating limited supply."