FX.co ★ Oil Rises on Russian Supply Risks

WTI crude oil futures increased to $62.9 per barrel on Monday, driven by concerns regarding Russian crude supplies. This escalation follows intensified Ukrainian assaults on energy infrastructure and stalled peace negotiations, both of which elevate the likelihood of additional Western sanctions. Over the weekend, Ukraine carried out a significant offensive on Russia’s Kirishi refinery, a key facility with a production capacity of approximately 355,000 barrels per day, making it one of the largest in the country. Furthermore, U.S. President Donald Trump reiterated demands for European nations to cease purchasing Russian oil, emphasizing his readiness to implement substantial sanctions on Russia should NATO allies follow suit. However, factors such as diminishing U.S. demand and a prospective global supply surplus, due to heightened production from OPEC+, limited the upward momentum of crude prices.