WASHINGTON (dpa-AFX) - Oil prices rallied on Monday as OPEC+ agreed to further raise oil production from October and U.S. President Donald Trump signaled readiness for fresh sanctions on Russia, aligning with calls from Treasury Secretary Scott Bessent.
Benchmark Brent crude futures jumped 1.7 percent to $66.63 a barrel in European trade, while WTI crude futures were up 1.7 percent at $62.93.
On Sunday, oil ministers in the V8 grouping, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have decided to increase production by a relatively modest 137,000 barrels a day (bpd) from next month as part of efforts to gain market share.
The oil cartel has already brought back about 2.2 million barrels per day (bpd) in curtailed production this year.
The prospect of additional Russian sanctions also buoyed prices. A day after Russia's biggest air attack against Ukraine since the start of the war, Ukrainian President Volodymyr Zelenskyy called for the international community to impose sanctions against Russia and individuals connected with Russia.
He also supported the idea of trade tariffs and other restrictions that can affect the Russian economy.
U.S. President Trump threatened Sunday to impose more sanctions on Russia after the Kremlin unleashed its biggest-ever aerial barrage at Ukraine.
Earlier, Treasury Secretary Bessent publicly pressed for stricter penalties on nations still importing Russian crude and argued that only a near-collapse of Russia's economy could push President Vladimir Putin toward peace talks.
EU Sanctions Envoy David O'Sullivan will lead a delegation to Washington today for talks aimed at tightening coordination with the United States on measures against Russia.
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