Oil prices rose on Monday due to geopolitical risks. Brent crude rose 0.6% to $68.12, WTI rose 0.7% to $64.08.
Markets are concerned that new US sanctions against Russia and Ukrainian attacks on energy facilities could disrupt supply. A drone attack by Ukraine over the weekend caused a large fire at the Ust-Luga fuel terminal. The fire at the Novoshakhtinsk refinery continues for the fourth day.
US President Donald Trump announced that he will impose new sanctions on Russia if no progress is made within two weeks, and that India may face harsh tariffs due to its purchases of Russian oil.
However, OPEC+ production increase is partially easing supply concerns in the market.
The group is preparing to approve an additional production increase at a meeting in September.Investors’ risk appetite has recovered following a signal from Fed Chairman Jerome Powell of a possible interest rate cut in September. However, according to experts, there is still a lack of momentum for a sustained rise in the oil market, and Trump’s trade policies could suppress global growth.
Investors’ risk appetite has recovered following a signal from Fed Chairman Jerome Powell of a possible interest rate cut in September. However, according to experts, there is still a lack of momentum for a sustained rise in the oil market, and Trump’s trade policies could suppress global growth.
