WASHINGTON (dpa-AFX) - Oil prices were moving lower on Monday as investors took the latest EU sanctions targeting Russian crude supply in their stride.
Brent crude futures for September delivery were down 0.6 percent at $68.88 a barrel in European trade, while WTI crude futures for September delivery fell half a percent to $65.73.
The European Union on Friday approved the 18th package of sanctions against Russia, which include new banking restrictions and lower oil price cap, impacting India's Nayara Energy, an exporter of oil products refined from Russian crude.
Analysts said the latest round of EU sanctions will have minimal impact on Russian oil supplies.
The EU sanctions followed U.S. President Donald Trump's threats last week to impose steep trading restrictions on Russia unless a peace deal with Ukraine is reached within 50 days.
Meanwhile, Iran, France, Germany and the United Kingdom will hold nuclear talks in Istanbul on Friday following warnings by the three European countries that failure to resume negotiations would lead to international sanctions being reimposed on Tehran.
Investors watched the latest trade developments, with U.S. Commerce Secretary Howard Lutnick saying he was confident the U.S. and the EU could reach a trade deal before August 1.
'That's a hard deadline, so on August 1, the new tariff rates will come in. Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1,' Lutnick said in a television interview on Sunday.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
