FX.co ★ Oil Edges Higher Amid EU Sanctions on Russia

WTI crude oil futures experienced an uptick, reaching approximately $67.5 per barrel on Monday, following a prior weekly decline—the first of the month. This price increase was primarily driven by the European Union's newly instituted sanctions against Russia, heightening anxiety over potential oil supply disruptions. Recently, the EU sanctioned Moscow for the 18th time due to the ongoing conflict in Ukraine. The latest sanctions impose a stricter price cap on Russian oil, enforce new banking restrictions, and include a prohibition on a major oil refinery in India. However, the upward momentum of oil prices was somewhat restrained by apprehensions concerning imminent tariffs proposed by former President Donald Trump. US Commerce Secretary Howard Lutnick indicated on Sunday that August 1st stands as the deadline for countries to commence paying these "reciprocal tariffs," although he acknowledged that negotiations might extend beyond this date. There is growing concern among investors that the imposition of these tariffs could impede global economic growth and negatively impact energy demand.