The price of Brent crude oil rose by $0.04, or 0.05%, to $80.03 per barrel in today’s trading.

According toRoydadNaft , citing Reuters, oil prices showed little change on Monday. Expectations of eased energy restrictions on Russia by the Trump administration, in exchange for a deal to end the Ukraine war, have alleviated concerns about supply disruptions.

The price of U.S. West Texas Intermediate (WTI) crude also increased by $0.17, or 0.04%, to $78.08 per barrel.

Both benchmarks had declined on Friday, with Brent dropping by 0.62% and WTI by 1.02%.

New U.S. sanctions against Russia, targeting over 100 oil tankers and two Russian oil producers, contributed to a 1% increase in both oil indices last week, marking the fourth consecutive week of gains. Analysts believe these sanctions could limit oil supplies, at least in the short term.

However, despite the sanctions potentially affecting approximately 1 million barrels per day of Russian oil exports, analysts predict the recent price hike will be short-lived. Trump has vowed to expedite an end to the Russia-Ukraine war, which could involve easing some restrictions as part of a broader deal.

Additionally, Trump, who is set to officially take office as U.S. President today, is expected to announce several measures within hours, including the expiration of U.S. natural gas export licenses. These policies aim to strengthen the U.S. economy.

Easing tensions in the Middle East following the implementation of a ceasefire agreement between Israel and Hamas has also contributed to the rise in oil prices.