Norway's Equinor has halted output from its Johan Sverdrup oilfield, western Europe's largest, due to an onshore power outage, the company said on Monday.

Kazakhstan's biggest oil field Tengiz, operated by U.S. major Chevro has reduced oil output by 28% to 30% due to repairs, helping to further tighten global supplies. Repairs were expected to be completed by Saturday, the country's energy ministry said.

Brent front-month January crude oil ( CO1:COM) trades +2.7% to $72.97/bbl at least partially because of the news, as the outage may tighten the North Sea crude market, as physical supply of North Sea crude underpins the Brent futures complex.

Oil prices rose on news on Monday that output at Norway's giant Johan Sverdrup oilfield has been halted, adding to earlier gains stemming from escalation in the Russia-Ukraine war. Brent crude futures were up $1.

Oil prices held steady on Tuesday after the previous day's rally, driven by a halt in production at Norway's Johan Sverdrup oilfield, and as investors remained cautious amid fears of an escalation in the Russia-Ukraine war.

Oil prices edged up on Tuesday, extending the previous day's rally driven by a halt in production at Norway's Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war.