Oil Edges Higher Amid EU Sanctions on Russia

WTI crude oil futures rose to around $67.5 per barrel on Monday, after its first weekly decline this month, as the European Union’s new sanctions against Russia raised concerns about oil supplies. Last week, the EU approved its 18th round of sanctions on Moscow over its ongoing war in Ukraine, which include a lower price cap on Russian oil, additional banking limitations, and a ban on a large Indian oil refinery. These sanctions followed US President Donald Trump’s threat last week to impose sanctions on buyers of Russian oil unless Moscow agrees to a peace deal within 50 days. However, gains were limited by concerns over Trump’s looming tariffs. US Commerce Secretary Howard Lutnick said on Sunday that August 1 marks the deadline for countries to begin paying so-called reciprocal tariffs, though he noted that negotiations could continue beyond that date. Investors are increasingly worried that tariffs could hinder global economic growth and dampen energy demand.