Oil prices climbed in Asian trading on Monday following a week of losses, as markets weighed the potential effects of fresh European Union sanctions targeting Russia’s energy sector alongside intensified Ukrainian attacks on energy infrastructure.
As of 21:50 ET (01:50 GMT), Brent crude futures for November delivery were up 0.6% at $67.06 per barrel, while West Texas Intermediate (WTI) futures rose 0.5% to $63.02 per barrel. Brent had declined nearly 0.5% last week amid pressure from former President Donald Trump to lower oil prices.
EU Sanctions Pressure Builds
On Friday, the European Commission proposed its 19th round of sanctions against Russia, targeting traders, refineries, and petrochemical companies in third countries—including China—that violate existing restrictions on Russian energy imports. The package also includes plans to list 118 vessels from Russia’s so-called “shadow fleet.”
The EU is additionally considering moving forward a ban on Russian liquefied natural gas (LNG) imports, potentially enforcing it as early as January 1, 2027, in response to U.S. pressure. U.S. officials have voiced strong support for these measures, while Trump has urged the EU to impose stringent tariffs on major Russian oil buyers, particularly China and India, and accelerate Europe’s transition away from Russian energy supplies.
Ukraine Strikes Impact Russian Energy Output
Meanwhile, Ukraine has intensified attacks on key Russian energy facilities. On Saturday, Ukrainian drone forces reportedly targeted Rosneft’s Saratov refinery and the Novokuibyshevsk refinery in Russia’s Volga region, causing explosions and large fires. The Novokuibyshevsk facility, located in Samara Oblast, processes over 8.8 million tons of crude annually, while Saratov handles more than 7 million tons.
Energy markets view these disruptions as supportive for oil prices, as they reduce throughput and heighten risks to both crude and refined product exports. Analysts note that even short-term shutdowns of pipelines or terminals can tighten global supply margins, reinforcing the floor under prices.
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