04:35 AM EDT, 03/25/2024 (MT Newswires) -- Crude oil prices climbed early Monday amid escalating conflict in the Middle East and between Russia and Ukraine.

Brent crude rose 0.6% to US$85.91 per barrel and West Texas Intermediate crude gained 0.6% to US$81.08/b at last look early Monday. This comes after emergency power outages were implemented in Ukraine's port of Odesa after a Russian air attack damanged one of the facilities in the area, Reuters reported Monday.

"Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply," Reuters quoted Hiroyuki Kikukawa, president of Nissan Securities unit NS Trading, as saying.

Compared with the previous week, prices were largely unchanged as signs of tightness in the market offset the impact of a stronger US dollar, ANZ Bank said in a Monday note.

Indian refineries are reportedly refusing to take Russian crude on PJSC Sovcomflot tankers due to US sanctions. This comes after. about 12% of Russian oil processing capacity was affected by attacks.

Meanwhile, the demand outlook appears optimistic, with the annual CERAWeek conference in Houston having a general mood of demand expected to surpass expectations, the bank noted.