FX.co ★ Oil Steadies Ahead of Possible Russia Sanctions

WTI crude oil futures remained above $68 per barrel on Monday following a 2.8% rise on Friday, as the market braced for a possible new round of U.S. sanctions targeting Russia. President Trump hinted at a "major statement" regarding Russia, leading to speculation about actions that might further restrict the global oil supply. Over the weekend, Trump announced plans to dispatch Patriot missiles to Ukraine and criticized President Putin for rejecting peace negotiations. Concurrently, the European Union is reportedly on the verge of approving a new sanctions package that could impose a lower price ceiling on Russian oil. On the demand front, China’s economy demonstrated resilience by achieving a record trade surplus in the first half of the year and boosting crude imports, particularly from Iran, as indicated by Vortexa data. Nevertheless, worries about global economic growth curtailed the upward momentum of oil prices, as Trump also declared 30% tariffs on goods imported from the European Union and Mexico, exacerbating existing trade tensions.