WTI crude oil futures edged up to $63.4 per barrel on Tuesday, extending gains for a third straight session on concerns over supply disruptions from Russia amid continued Ukrainian strikes on its energy infrastructure and mounting US pressure on buyers of Russian crude. Ukraine’s weekend attack forced the shutdown of a key processing unit at Russia’s Kirishi refinery. This follows a separate Ukrainian 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. This comes as US President Donald Trump signaled readiness to impose “major” sanctions on Russia if NATO countries and Europe take similar steps. In the Middle East, Israel launched a ground offensive in Gaza City on Monday, adding to supply concerns. Elsewhere, traders geared up for an anticipated rate cut from the US Federal Reserve this week that could boost fuel demand.
