SAEDNEWS: Brent Crude from the North Sea edges up 15 cents, rising 0.22% to $67.59 per barrel today.
According to Reuters, oil prices remained steady in Tuesday trading as market participants weighed the possibility of disruptions to Russian oil supplies following Ukrainian drone attacks on the country’s refineries.
Brent crude for the North Sea rose 15 cents, or 0.22%, to $67.59 per barrel, while U.S. West Texas Intermediate (WTI) increased 14 cents, also 0.22%, to $63.44 per barrel.
Ukraine has intensified strikes on Russia’s energy infrastructure in a bid to weaken Moscow’s military capabilities, following a halt in peace negotiations.
Analysts say that growing fears over disruptions to Russian oil—one of the world’s largest producers, accounting for over 10% of global output—are pushing prices higher.
On Monday, U.S. Treasury Secretary Janet Yellen stated that the administration will not impose additional tariffs on Chinese goods to halt Beijing’s purchases of Russian oil, unless European countries take similar measures against China and India.
Investors are also awaiting the outcome of the Federal Reserve’s two-day meeting on September 16-17, where a rate cut is widely expected. Lower borrowing costs could boost fuel demand.
A weakening U.S. dollar, driven by potential interest rate cuts, has also supported oil prices. The dollar index has fallen to its lowest level in a week, making oil cheaper for holders of other global currencies.
Meanwhile, escalating Israeli strikes on Gaza are adding to geopolitical risks in the Middle East, further underpinning market uncertainty.
