05:13 AM EST, 11/25/2024 (MT Newswires) -- Crude oil prices eased early on Monday as investors watch for the impact of geopolitical developments that could affect markets. In the meantime, escalating tensions in several flashpoints are providing some support.

Brent crude lost 0.5% to US$74.83 per barrel and West Texas Intermediate crude fell 0.6% to US$70.80/b at last look.

"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies," Reuters quoted Yeap Jun Rong, a market strategist at IG, as saying.

Additionally, in response to a resolution passed by the U.N. nuclear watchdog last week, Iran ordered measures that included activating centrifuges used in enriching uranium, the report said.

The likelihood of sanctions being enforced against Iran's oil exports when Trump comes into power has increased as a result, Reuters reported, citing Vivek Dear, a commodities strategist at Commonwealth Bank of Australia.

"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.