Brent crude oil futures fell to $67.2 per barrel on Tuesday, erasing earlier gains that stemmed from concerns over supply disruptions from Russia amid continued Ukrainian strikes on its energy infrastructure. Ukraine’s weekend attack forced the shutdown of a key processing unit at Russia’s Kirishi refinery.
This follows a separate strike on the Primorsk oil terminal last week. Reports also indicated that the EU is weighing sanctions on companies in India and China facilitating Russia’s oil trade as part of a new restrictions package. US Treasury Secretary Scott Bessent said Monday that the administration would not impose additional tariffs on Chinese goods to halt China’s purchases of Russian oil unless the EU hit China and India with steep duties of their own. In the Middle East, Israel launched a ground offensive in Gaza City on Monday, adding to supply risks. Elsewhere, traders geared up for an anticipated rate cut from the US Federal Reserve this week that could boost fuel demand.
