WASHINGTON (dpa-AFX) - Oil prices traded higher on Monday ahead of expected U.S. sanctions on Russia that may affect global supplies.
Brent crude futures for September delivery were up 0.8 percent at $70.90 in European trade while WTI crude futures for August settlement climbed 0.8 percent to $68.99.
Russia reportedly launched four missiles and 136 drones into Ukraine overnight into Monday morning after U.S. President Donald Trump said Sunday the U.S. would provide Kyiv with more Patriot surface-to-air systems to help defend against Russia's nightly bombardments.
With a ceasefire and an eventual peace deal thus failing to achieve a breakthrough, Trump is expected to make a 'major statement' on Russia later today.
Trump already expressed frustration with Russian President Vladimir Putin and signaled the possibility of additional sanctions.
European Union envoys are also seen to be close to agreeing another package of sanctions against Russia that would include a lower price cap on the country's oil exports.
Meanwhile, the International Energy Agency reported that Saudi Arabia exceeded its oil output target, surpassing level implied by the OPEC+ agreement.
It is said that Saudi Arabia exceeded its oil output target by 430,000 barrels per day in June and reached 9.8 million bpd, against the kingdom's implied OPEC+ target of 9.37 million bpd.
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