
Oil prices little changed as investors eye impact of new sanctions on Russia
Brent crude futures fell 1 cent to $69.27 a barrel by 0153 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.44 a barrel, up 10 cents, following a 0.30% decline in the previous session.
The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.
The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees a peace deal in 50 days.
ING analysts said the lack of reaction from oil markets showed that the market is not convinced by the effectiveness of these sanctions.
"However, the part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries," the analysts led by Warren Patterson said.
"But clearly, it will be challenging to monitor crude oil inputs into refineries in these countries and, as a result, enforce the ban."
Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.
In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday.
U.S. tariffs on European Union imports are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.
"U.S. tariff concerns will continue to weigh in the lead up to August 1 deadline, while some support may come from oil inventory data if it shows tight supply," IG market analyst Tony Sycamore said.
"It feels very much like a $64-$70 range in play for the week ahead."
Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war. - Reuters
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Star
18 minutes ago
- The Star
U.S. stocks close higher on continuous optimism
NEW YORK, July 25 (Xinhua) -- U.S. stocks finished higher on Friday, buoyed by strong corporate earnings and encouraging developments on the trade front. The Dow Jones Industrial Average climbed 0.47 percent to 44,901.92. The S&P 500 gained 0.4 percent to reach a new high of 6,388.64. The Nasdaq Composite rose 0.24 percent to end at 21,108.32, marking its 15th record close of 2025. Most sectors in the S&P 500 ended the day in positive territory, with materials and industrials leading the gainers by rising 1.17 percent and 0.98 percent, respectively. Energy and communication services declined slightly. The market's recent rally has been driven in large part by a better-than-expected earnings season. Alphabet's growth contributed to investor optimism, and Verizon also rose after posting earnings that surpassed expectations. As of now, 169 S&P 500 companies have reported earnings, with more than 82 percent beating analysts' forecasts, according to FactSet. Among megacap tech stocks, Tesla rebounded with a 3.52 percent gain after a steep drop the previous day. Microsoft, Apple, Alphabet and Broadcom also advanced modestly, while Nvidia, Meta Platforms and Amazon edged lower. "The bull market lives on, supported largely by favorable fundamentals," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told CNBC. "Inflation is stable, interest rates are range-bound and earnings are trending higher, and that presents a favorable backward drop for stocks to trend higher. We still look for a risk-on bias to be intact as we move through this earnings season." Looking ahead, a busy week is expected, with major tech earnings on deck: more than 150 S&P 500 companies, including Microsoft, Apple, Amazon and Meta, are all set to report their earnings next week. A decision from the Federal Reserve on interest rates will be made, and key reports on economic growth and inflation are going to be focused. Additionally, markets are anticipating potential trade announcements ahead of the Aug. 1 deadline, when the United States is scheduled to impose steep tariffs. U.S. President Donald Trump indicated Friday that more deals could be finalized in the coming days, and European Commission President Ursula von der Leyen confirmed plans to meet with Trump in Scotland on Sunday to discuss trade. "Tariffs remain an item of uncertainty, and commentary from companies still reflects this ongoing uncertainty," Sandven said.


The Star
18 minutes ago
- The Star
Ukraine facing fierce fighting around eastern city of Pokrovsk, Zelenskiy says
FILE PHOTO: Ukraine's President Volodymyr Zelenskiy speaks during a press briefing following phone calls with U.S. President Donald Trump, amid Russia's attack on Ukraine, in Kyiv, Ukraine, May 19, 2025. REUTERS/Thomas Peter/File Photo (Reuters) -President Volodymyr Zelenskiy said on Friday that Ukrainian forces were facing fierce fighting around the city of Pokrovsk in the east, a logistics hub near which Russia has been announcing the capture of villages on an almost daily basis. Zelenskiy, speaking in his nightly video address, said Ukraine's top commander, Oleksandr Syrskyi, told a meeting of senior officials that the situation around Pokrovsk was the current focal point of its attention in the war, which began when Russia invaded in February 2022. "All operational directions were covered, with particular focus on Pokrovsk. It receives the most attention," Zelenskiy said. Ukrainian forces, he said, were also "continuing to act" in border areas in the northern Sumy region, where Russian troops have gained a foothold in recent weeks. Syrskyi, in a separate report on the Telegram messaging app, described Pokrovsk and five other sectors as among the most difficult theatres along the 1,000-km (620-mile) front. "The Russian Federation is paying the maximum price for attempting a 'summer offensive,'" Syrskyi wrote. Russian forces have for months been trying to close in on Pokrovsk, a road and rail hub whose pre-war population of about 60,000 has been all but evacuated. Syrskyi in May reported that Kyiv's troops had stabilised the situation around the town, also the site of the only colliery in Ukraine producing coking coal for the country's steel industry. Russia's Defence Ministry on Thursday announced the capture of two villages on either side of Pokrovsk -- Zvirove to the west and Novoekonomichne to the east. A third village near the city -- Novotoretske -- was declared by Moscow to be "liberated" earlier in the week. Ukrainian officials have made no acknowledgement that the villages have changed hands. The General Staff of Ukraine's military said in an evening report that two of them -- Zvirove and Novoekonomichne - were in areas where Russian troops were trying to penetrate Ukrainian defences. In Sumy region, where Russian troops are trying to establish what Kremlin leader Vladimir Putin calls a "buffer zone", the popular Ukrainian military blog DeepState said Kyiv's forces had retaken a previously lost village. DeepState, which relies on open source reports to track the presence of Russian forces, said Ukrainian troops had restored control over the village of Kindrativka. There was no official comment from either side. (Reporting by Ron Popeski and Oleksandr Kozhukhar, Editing by Rosalba O'Brien)


The Star
an hour ago
- The Star
Europe's market turmoil highlights dividend plays
THE second half of 2025 (2H25) looks anything but smooth for European stock markets, with a raft of global political tensions and economic curveballs keeping investors on their toes. Amid continued strife in Asia and Europe, there's little room for complacency.