Doha: Oil prices were little changed on Monday as traders assessed the potential impact of new European sanctions on Russian oil supply, alongside growing concerns over the fuel demand outlook as tariffs weighed on global economic growth. Brent crude futures rose 5 cents to $69.33 a barrel, after settling 0.35% lower on Friday. US West Texas Intermediate crude was at $67.36 a barrel, up 2 cents, following a 0.30% decline in the previous session.
According to Qatar News Agency, the European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine. These sanctions are expected to impact Russian oil exports, potentially affecting global oil supply. Meanwhile, US tariffs on imports from the European Union are set to kick in on August 1, adding another layer of complexity to the global economic landscape.
Analysts suggest that these geopolitical developments could lead to fluctuations in oil prices in the coming weeks. The combination of sanctions and tariffs is creating uncertainty in the market, prompting traders to adopt a cautious approach. The interaction between geopolitical tensions and economic policies continues to be a key factor influencing oil prices globally.