SINGAPORE: Oil prices remained largely unchanged on Monday as traders evaluated the potential effects of new European sanctions on Russian oil, rising Middle Eastern supply, and economic concerns tied to global tariffs.
Brent crude futures edged up 5 cents to $69.33 a barrel, while US West Texas Intermediate crude rose 2 cents to $67.36.
The European Union approved its 18th sanctions package against Russia, targeting India’s Nayara Energy, which processes Russian crude into oil products. Kremlin spokesperson Dmitry Peskov stated that Russia had developed resilience against Western sanctions.
Rosneft, a major stakeholder in Nayara, condemned the sanctions as unjustified, warning they could threaten India’s energy security.
Meanwhile, Iran is set to resume nuclear talks with Britain, France, and Germany in Istanbul this week.
The discussions come after warnings from European nations that failure to negotiate could lead to renewed sanctions.
In the US, oil rig counts dropped to their lowest since September 2021, with only 422 active rigs reported last week.
Additional market pressure stems from impending US tariffs on EU imports, set to take effect on August 1.
However, US Commerce Secretary Howard Lutnick expressed optimism about reaching a trade agreement with the bloc. - AFP
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