Oil rose in Asian trading on Monday after recording a weekly loss, as traders weighed the potential impact of fresh European Union measures aimed at curbing Russia’s energy revenues and a series of Ukrainian strikes on energy infrastructure.
As of 21:50 ET (01:50 GMT), Brent Oil Futures expiring in November rose 0.6% to $67.06 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.5% to $63.02 per barrel.
Brent futures slipped nearly 0.5% last week amid pressure from President Donald Trump to push prices lower.
EU sanctions pressure mounts The European Commission on Friday proposed its 19th package of sanctions against Russia, which would impose penalties on traders, refineries, and petrochemical firms in third countries, including China, that breach existing rules on Russian energy imports.
The proposal also seeks to list 118 vessels part of Russia’s so-called “shadow fleet.”
Additionally, the EU is aiming to bring forward a ban on imports of Russian liquefied natural gas (LNG), potentially moving its implementation up to Jan. 1, 2027, under pressure from the U.S.
U.S. officials have been vocal in support of these measures. Trump has urged the EU to impose harsh tariffs on major buyers of Russian oil, notably China and India, and called for Europe to accelerate its exit from Russian energy supplies.
Ukraine strikes disrupt Russian energy infrastructure Meanwhile, Ukraine has stepped up strikes on key components of Russia’s energy-export infrastructure. Ukraine said on Saturday that its drone forces struck Rosneft’s Saratov refinery and the Novokuibyshevsk refinery in Russia’s Volga region, triggering explosions and large fires.
The Novokuibyshevsk facility, situated in Samara Oblast, processes over 8.8 million tons of oil annually, while the Saratov refinery handles more than 7 million tons, according to reports.
These disruptions are viewed by energy markets as strengthening the floor under oil prices, given that they reduce throughput and raise risks to both crude and product exports.
Analysts say even temporary suspensions of terminals or pipeline segments tighten global supply margins.
