WASHINGTON (dpa-AFX) - Oil prices traded higher on Monday, driven by renewed threats to Russian supply following fears of supplementary tariffs by the European Union.
Benchmark Brent crude futures jumped 0.8 percent to $68.05 a barrel in European trade, while WTI crude futures were up 1 percent at $64.62.
As Russia-Ukraine war wages on, the European Union's two biggest economies have reportedly agreed to push for measures targeting companies from third countries that support Russia's war.
The leaders of Europe's two biggest economies on Friday agreed to accelerate measures targeting Russia's war machine, including 'companies from third countries that support Russia's war', according to a joint statement after the meeting in the southern French port city of Toulon.
Meanwhile, a Russian drone attack damaged four power facilities near the southern Ukrainian city of Odesa, leaving more than 29,000 customers without electricity on Sunday morning.
Ukraine President Volodymyr Zelenskyy vowed to retaliate by ordering more strikes deep inside Russia.
'We will continue our active operations in exactly the way needed for Ukraine's defense. The forces and resources are prepared. New deep strikes have also been planned.'
Focus also shifted to the upcoming OPEC+ meeting on September 7 to discuss production in October amid worries about rising output and the impact on demand from U.S. tariffs.
U.S. President Donald Trump defended $183.1 billion in tariff revenues as economic driver after a U.S. appeals court declared most of his tariffs illegal, giving the administration until October 14 to appeal to the U.S. Supreme Court.
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