Global oil prices climbed sharply on August 25 as geopolitical tensions fueled concerns over potential supply disruptions.
Brent crude: up $1.07 (+1.58%) to $68.80/barrel.
WTI crude: rose $1.14 (+1.79%) to $64.80/barrel.
Ukraine’s continued drone strikes on Russian energy infrastructure and the prospect of new U.S. sanctions on Moscow were the key drivers behind the price surge.
On August 22, U.S. President Donald Trump reiterated that Washington would impose additional sanctions if no progress toward a peace agreement in Ukraine is achieved within two weeks.
Trump also signaled possible steeper tariffs on India over its ongoing purchases of Russian oil.
On August 24, Ukrainian drones targeted the Ust-Luga fuel export terminal, sparking a massive fire.
Meanwhile, the Novoshakhtinsk oil refinery, which processes around 100,000 barrels per day, has faced damage for four consecutive days following multiple attacks.
According to U.S. Vice President JD Vance, Russia has made “significant concessions” toward a negotiated settlement. However, no concrete breakthrough has been reached yet.
Despite supply risks from Russia, the market remains supported as OPEC+ continues to pump millions of barrels into global supply.
The group is set to meet on September 7, with expectations of another production hike.
Remarks by Federal Reserve Chair Jerome Powell on August 22 hinted at the possibility of a rate cut in September, improving risk appetite and lending further support to oil prices.
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