Oil prices little changed as investors eye impact of new sanctions on Russia
Brent crude futures rose 5 cents to $69.33 a barrel by 0040 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.36 a barrel, up 2 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.
Rosneft, Russia's biggest oil producer with a stake in Nayara, on Sunday criticised the sanctions as unjustified and illegal, saying the restrictions directly threatened India's energy security.
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.
Separately, U.S. tariffs on imports from the European Union 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. (Reporting by Florence Tan; Editing by Jamie Freed)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 hours ago
- Zawya
Tunisia: Mass convictions in ‘Conspiracy Case 2' deepen rule of law crisis
The mass conviction of opposition figures in Tunisia's 'Conspiracy Case 2' is a new example of the Tunisian authorities' ongoing restrictions on civic space and erosion of judicial independence and fair trial guarantees, Amnesty International said today. The case, based on vague terrorism and state security charges, is the latest in a series of politically motivated prosecutions that appear designed to silence peaceful dissent and intimidate and crackdown on critics of President Kais Saied's government. 'This case illustrates how Tunisia's criminal justice system is being misused to suppress peaceful dissent and persecute people simply for exercising their human rights. The expanding use of counter-terrorism legislation to punish peaceful dissent is a deeply troubling pattern that Amnesty International has been documenting since 2023,' said Sara Hashash, Amnesty International's Deputy Regional Director for the Middle East and North Africa. 'The convictions in 'Conspiracy Case 2' are a grave injustice and a blatant assault on Tunisia's human rights obligations. All individuals detained solely for peacefully exercising their rights to freedom of expression, association, and political activity must be immediately released. 'Authorities must immediately end the ongoing crackdown on human rights including the targeting of critics under the guise of national security and restore judicial independence and the rule of law and put in place effective safeguards to prevent the abuse of counter-terrorism and national security laws as tools of repression.' Amnesty International calls on the Tunisian authorities to quash all sentences issued in 'Conspiracy Case 2' and immediately release those arbitrarily detained. Authorities must ensure that any new trials are held in full compliance with international human rights law. This includes ensuring that future trials are open to the public, with full access granted to family members, lawyers, journalists, and independent monitors. Tunisia is a state party to the African Charter on Human and Peoples' Rights and the International Covenant on Civil and Political Rights (ICCPR) and is legally bound to uphold the rights to a fair trial, freedom of expression, association and liberty. The trial took place amid an ongoing rule of law crisis in Tunisia. Since President Saied's power grab in July 2021, the country has witnessed an erosion of the rule of law, including through the dismantlement of judicial independence guarantees that have resulted in increased interference by the executive in the judiciary and a wave of prosecutions targeting opposition figures, journalists, civil society activists, and former officials, further constricting the space for fundamental human rights and freedoms. Mass sentences following a politically motivated trial The trial opened on 24 June 2025 and concluded with mass conviction on 8 July of 21 out of 24 individuals including senior political leaders from Ennahdha Party, former government and security officials, lawyers, and other opposition party members. Sentences ranged from 12 to 35 years imposed on 21 individuals. Only one defendant was acquitted while two others are still waiting on the decision to appeal their indictment. Among those convicted was Rached Ghannouchi, the leader of the Ennahda party, who received a 14-year sentence in absentia after refusing to participate in the trial. Other Ennahdha senior members, including Habib Ellouz, Samir Hanachi and Fathi Elbedoui, were sentenced to 12 years, while exiled Ennahdha members Mouadh Kheriji, Lotfi Zitoun, were among those sentenced in absentia to 35 years. Flawed evidence and due process violations The investigation originated in May 2023, following a report from an anonymous informant who claimed the existence of a covert network led by Ghannouchi aimed at 'changing the structure of the state,' with the assistance of former Ministry of Interior official Kamel Ben El Bedoui. The informant also alleged the recruitment of security personnel and coordination with other defendants. These allegations were later supplemented by additional statements from security officials, one of whom was also anonymous. The charges were based on allegations of 'conspiracy against state security,' largely relying on anonymous witness testimony, intercepted communications, and documents seized during police raids. Much of the material consisted of political criticism and private communications critical of President Saied dating back to between 2011 and 2022, but with no concrete evidence of criminal conduct. The authorities' central claim that certain opposition politicians operated a clandestine 'security apparatus' remains unsubstantiated by any independently verifiable evidence. The prosecution relied heavily on anonymous allegations amplified by state-aligned media and security unions, yet failed to present material documentation, institutional investigation, or independent verification to back this claim. No formal inquiry into alleged wrongdoing has been presented, including during the cross examinations of the defendants. Trial marred by serious due process violations The trial was marred by serious violations of due process and fair trial rights. In late February, the Tunis Court of First Instance decided that upcoming terrorism trials would proceed with detainees attending online from prison, citing the existence of unspecified 'real dangers.' The court proceeded to later renew the decision, without further elaboration. Hence, the defendants held in pre-trial detention were forced to participate via remote video link, severely limiting their ability to communicate with legal counsel or engage with the court, according to their lawyers. Similar to other high-profile cases, access to the courtrooms was tightly restricted under security pretexts, with independent journalists, families, and independent observers barred from attending the proceedings, severely undermining the transparency of the trial. 'These trials lack fairness, credibility and transparency. The heavy reliance on anonymous sources and secretive procedures makes the trials a sham and the convictions and sentences a travesty of justice,' said Sara Hashash. 'The Tunisian authorities must end their misuse of the judiciary to target political opponents, respect the rule of law and uphold the human rights of everyone in the country.' Broader crackdown on peaceful dissent The trial took place amid an ongoing rule of law crisis in Tunisia. Since President Saied's power grab in July 2021, the country has witnessed an erosion of the rule of law, including through the dismantlement of judicial independence guarantees that have resulted in increased interference by the executive in the judiciary and a wave of prosecutions targeting opposition figures, journalists, civil society activists, and former officials, further constricting the space for fundamental human rights and freedoms. Background Since July 2021, when President Kais Saied consolidated power, Amnesty International has consistently documented an escalating crackdown on dissent in Tunisia. The organization has previously documented how authorities have abused the justice system, including their reliance on vague charges, and severe fair trial violations in cases against opposition figures. This includes a series of politically motivated prosecutions, arbitrary detentions, and harassment targeting political opponents, independent journalists, lawyers, activists and human rights defenders. Distributed by APO Group on behalf of Amnesty International.
The National
3 hours ago
- The National
Houthis parade missing crew of Eternity C cargo ship after sinking it in Red Sea
Yemen 's Houthis released footage on Monday of missing crew members from a cargo ship the rebels sank three weeks ago, saying 11 sailors had been 'rescued'. Many of the Eternity C 's crew were unaccounted for after the Houthis attacked the ship in the Red Sea, where the group has declared a 'blockade' in solidarity with the Palestinian cause. Several are believed dead. The Houthis said on Monday that the Liberia-flagged ship had been heading for the Israeli port of Eilat – a day after announcing their attacks would now extend to all companies 'dealing with Israeli ports'. The US has condemned what it called the kidnapping of the surviving crew members. Houthi naval forces were 'able to rescue 11 of the ship's crew at sea, including two wounded who were provided with medical care', the group said in a statement carried by the news agency Saba. It said the ship was sunk on June 9 'as a result of violating the naval embargo against the enemy entity', meaning Israel. It said one person was found dead onboard the Eternity C before it sank, and that their body was taken to a hospital morgue. Three to four people have previously been reported dead. The Houthi video appeared to be showing the moment the mostly Filipino crew were pulled from the sea wearing life jackets, although the footage was taken at night and the ship sank during the daytime. The captive crew members were shown saying the ship was heading for Eilat, and said at the end: 'We are sorry, Palestinians.' It wasn't clear if they were speaking under duress. One man the Houthis said was an electrician was shown lying in bed and speaking in English. An EU naval force had said a Russian electrician onboard the ship lost his leg. The attack on the Eternity C came a day after the Houthis sank another cargo ship, the Magic Seas. On that occasion a UAE rescue mission brought all 22 crew members to safety. Human Rights Watch has condemned the attacks as a breach of the laws of war. 'The Houthis have sought to justify unlawful attacks by pointing to Israeli violations against Palestinians,' Niku Jafarnia, a researcher on Yemen and Bahrain for the organisation, said last week. 'The Houthis should end all attacks on ships not taking part in the conflict and immediately release the crew members in their custody,' she said. The Houthis announced on Sunday that they had 'decided to escalate their military support operations' into what they called a fourth phase, extending their attacks to all companies dealing with Israel's ports. Vessels may be attacked regardless of their destination, they added. The attacks on Red Sea vessels have damaged trade in one of the world's most important shipping lanes. Operators have taken longer routes around the southern tip of Africa, adding to costs and delaying journeys.
UAE Moments
4 hours ago
- UAE Moments
Sheikha Bodour Becomes University of Leicester's 1st Honorary Professor
Sheikha Bodour bint Sultan Al Qasimi, President and Chairperson of the Board of Trustees at the American University of Sharjah (AUS), was formally conferred the title of Honorary Professor by the University of Leicester, a distinction given for the first time in the university's history. The ceremony took place at the School of Business's Brookfield Campus and was led by Professor Henrietta O'Connor and Professor Dan Ladley. This prestigious recognition honours her exceptional contributions to women's empowerment, child literacy, and cultural development on a regional and international scale. Connecting Cross-Cultural Academia and Creativity During her visit, Sheikha Bodour engaged with faculty and students and took part in a discussion on museum studies and research within the cultural sector—underscoring her commitment to international academic collaboration and cultural understanding. Championing Literacy, Inclusion, and Publishing Innovation As the founder and CEO of Kalimat Group, Sheikha Bodour has overseen the publication of over 500 socially conscious Arabic children's books across 15+ countries. Her Kalimat Foundation has delivered inclusive literacy programs in 31 nations. She played a pivotal role in the UAE's accession to the Marrakesh Treaty, which ensures accessible books for persons with print disabilities. She also established the Emirates Publishers Association, the UAE Board on Books for Young People, and made history in 2020 by becoming the first Arab woman to serve as President of the International Publishers Association since its founding in 1896. Empowering Women and Strengthening Educational Equity Reflecting on the honour, Sheikha Bodour said, 'This recognition from the University of Leicester is deeply meaningful… education is one of the most powerful ways to build cultural bridges.' She expressed her hope that the award inspires young women to 'lead with purpose' and claim their ideas and space confidently. Professor Dan Ladley described her as 'inclusive, inspiring and impactful,' praising her unwavering dedication to equality, leadership, and transformation across education and publishing. A Trailblazer's Broader Legacy Under Sheikha Bodour's leadership at AUS, new initiatives include six research centres spanning artificial intelligence, sustainability, and Islamic studies, as well as scholarship expansions for underrepresented students. She spearheaded the establishment of the first endowed academic chair for women's leadership in the UAE— the Sheikha Jawaher bint Mohammed Al Qasimi Chair in Women's Leadership in partnership with NAMA Women Advancement Establishment. Her influence continues beyond academia: she drives cultural innovation through Sharjah Publishing City, UNESCO initiatives, and global platforms including WEF and UNESCO World Book Capital Networks. The University of Leicester's conferment of its first-ever Honorary Professorship on Sheikha Bodour Al Qasimi is a historic tribute to her leadership in education, literacy, and cultural diplomacy. Her appointment symbolizes the university's values of inclusivity, global engagement, and academic excellence—and heralds a new era of cross-border collaboration and inspiration.
