WASHINGTON (dpa-AFX) - Oil prices held steady on Monday as increased geopolitical tensions in Europe and the Middle East offset rising production and weakening economic tailwinds.
Benchmark Brent crude futures were marginally higher at $66.73 a barrel in European trade after a week of declines. WTI crude futures were little changed at $62.43.
Tensions between Nato and Russia have been dramatically rising after a series of what European governments say are deliberate, provocative acts by the Kremlin.
On Friday, three Russian MiG-31 fighters violated Estonian airspace in the Gulf of Finland.
Germany scrambled two Eurofighter jets on Sunday after a Russian military plane flew over the Baltic Sea.
U.S. President Donald Trump pledged to help defend Poland and the Baltic states from Russia amid a new wave of aggressive Russian military activity in the region.
Investors also considered the potential impact of new EU sanctions after the European Union presented its 19th sanctions package against Russia for approval by the European Union (EU) member states.
The package features a ban on Russian LNG imports, restrictions on 118 additional shadow vessels, and measures targeting Chinese and other foreign firms purchasing Russian oil, in a fresh push to pressure Moscow to end the war in Ukraine.
Elsewhere, Britain, Canada, Australia and Portugal recognized the Palestinian state, prompting a furious response from Israel and adding to jitters in the key oil-producing region.
Trump branded Gaza as 'a real mess' filled with 'anger and hatred,' and hinted he may veto a potential UN resolution on the Israel-Palestine 2-State Solution.
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