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The spot premium for the Middle Eastern oil benchmark Dubai crude jumped on Thursday after the United States sanctioned top Russian oil producers, trade sources said. U.S. hit major suppliers Rosneft and Lukoil with sanctions over the Ukraine war, sparking concerns over tighter supply of Russian oil, a major source for refiners in India and China. The Dubai benchmark settled around $2.70 per barrel, more than doubling from $1.26 per barrel in the previous session, they said. Rosneft and [Read more]

UBS said on Thursday that fresh U.S. and EU sanctions targeting Russian energy firms could introduce short-term volatility to crude prices but are unlikely to spark a sustained rally due to oversupply in the global oil market. The bank forecasts Brent crude prices to remain in the $60-$70 per barrel range, adding that previous sanctions had little effect on Russian export volumes, as oil continued to move via alternative channels. "We recommend that investors monitor enforcement and [Read more]

U.S. President Donald Trump on Wednesday said he expected to reach a trade agreement with Chinese President Xi Jinping, and said he would raise concerns about China's purchases of Russian oil during their meeting in South Korea next week. "I think we'll make a deal," Trump told reporters during a meeting with NATO Secretary General Mark Rutte. He said he also expected some agreement with China to restart its purchases of U.S. soybeans. A deal was also possible on nuclear arms, he said, [Read more]

U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war. The U.S. Treasury Department said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Russia's war in Ukraine, which began in February 2022. "Given President Putin’s refusal to end this senseless war, [Read more]