WASHINGTON (dpa-AFX) - Oil prices climbed more than 3 percent on Monday as escalating geopolitical tensions and reports of more U.S. sanctions on Moscow offset a production hike by the OPEC+.
Benchmark Brent crude futures jumped a little over 3 percent to $4.69 a barrel in European trade while WTI crude futures were up 3.3 percent at $62.82.
Fears of supply disruptions pushed oil prices higher as Ukraine launched a major drone strike on Sunday, destroying 40 key Russian aircraft, including the Tu-95 and Tu-22 M3 long-range bombers capable of deploying conventional and nuclear weapons as well as the A-50.
Markets were also reacting to reports that there was a bipartisan push in U.S. Congress to impose more sanctions on Russia's oil industry, this time pressuring major buyers such as China and India.
Meanwhile, the world's largest group of oil producers, OPEC+, voted through another production increase of 411,000 barrels per day (bpd) for July over the weekend in an attempt to regain market share and discipline members exceeding output quotas.
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