Oil Prices Rise Amid Possible New Sanctions Against Russia and Geopolitical Tensions
Global energy markets are experiencing a new wave of fluctuations amid ongoing instability surrounding Russia and its role in the global oil industry.
As tensions escalate and G7 countries prepare to intensify sanctions against Moscow, oil prices have begun to climb rapidly, responding to emerging economic and political challenges.
As of October 2, Brent crude increased by 20 cents to $65.55 per barrel, while WTI rose by 20 cents to $61.98 per barrel.
Both benchmarks show a short-term recovery after three days of decline, which raised concerns about the global economy and oversupply issues in the market.
Experts point out that some of the price hikes are technically driven, resulting from a rebound after significant drops in previous sessions, when Brent hit its lowest levels since June and WTI — since May.
Meanwhile, G7 finance ministers have clearly announced their intention to strengthen pressure on Russia, targeting entities involved in increasing Russian oil imports and those facilitating sanctions circumvention.
Additionally, the United States committed to providing intelligence to Ukraine for precise strikes against Russian energy infrastructure, including oil refineries and pipelines.
However, the U.S.
government shutdown has added economic uncertainty globally, and expectations of increased oil output from OPEC+ and allied producers have negatively impacted prices, limiting their growth.