Oil Prices Edge Higher Amid Prospect of Fresh Sanctions on Russia

PUKMEDIA

Oil prices.

Oil prices rose on Friday, 11 July 2025, following remarks by U.S. President Donald Trump indicating he would make an announcement concerning Russia, raising the possibility of further sanctions against the major oil producer. However, gains were limited by concerns over tariffs and increased output from OPEC+.

According to Reuters report, as of 04:08 GMT, Brent crude futures were up 19 cents, or 0.28%, at $68.83 per barrel. U.S. West Texas Intermediate (WTI) crude climbed 24 cents, or 0.36%, to $66.81 per barrel.

The reported added that so far this week, Brent has risen by 0.8%, while WTI has edged down by 0.2%. Both benchmarks fell by more than 2% on Thursday, as investors expressed concern over the implications of President Trump’s evolving tariff policy on global economic growth and oil demand.

“Prices have recovered some of Thursday’s losses this morning after President Trump announced plans to deliver a ‘major’ statement on Russia on Monday,” analysts at ING wrote in a note to clients on Friday. “This could leave the market unsettled, given the potential for further sanctions on Russia.”

He has voiced growing frustration with Russian President Vladimir Putin over the lack of progress in peace efforts with Ukraine, as well as Russia’s intensified bombardment of Ukrainian cities.

Tight market fundamentals and improving seasonal demand have also provided some support to oil prices. Additionally, renewed Houthi attacks on vessels in the Red Sea have contributed to upward pressure, according to a weekly report by BMI analysts.

A further sign of strengthening demand is the anticipated shipment of around 51 million barrels of crude oil from Saudi Arabia to China in August—the largest such volume in over two years.

Offsetting these bullish factors was Saturday’s agreement by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to increase production by 548,000 barrels per day in August.



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