Oil prices edged higher on Monday, July 14, extending Friday’s gains of over 2%, as markets reacted to the prospect of new U.S. and EU sanctions on Russia. Brent crude rose 15 cents to \$70.51 per barrel, while U.S. WTI climbed 14 cents to \$68.59. Investors are eyeing potential disruptions to global supply, especially after President Trump announced plans to send Patriot missile systems to Ukraine and prepare a major statement on Russia. A bipartisan U.S. sanctions bill targeting Russia is gaining traction in Congress, aiming to pressure Moscow into peace negotiations. Meanwhile, the EU is nearing agreement on its 18th sanctions package, which may include a lower price cap on Russian oil. However, price gains remain modest, capped by Saudi Arabia’s increased oil output and lingering uncertainty over global trade tariffs. The market is now closely watching geopolitical developments for signs of further volatility in energy prices.
first published: Jul 14, 2025 05:25 pm
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