Rising Oil Prices Driven by Ukrainian Attacks and Escalating Geopolitical Tensions
Oil prices saw a significant increase in trading on Monday, supported by investors' concerns about disruptions to global oil supply due to ongoing Ukrainian attacks on energy infrastructure in Russia, alongside monitoring indicators of U.S. fuel demand.
Brent crude futures rose by 0.5% to record $67.36 per barrel, while West Texas Intermediate futures increased by 0.6% to $63.07 per barrel, bolstered by last week's gains exceeding 1%.
This rise follows Ukraine's escalation of attacks targeting vital Russian oil facilities, including the largest oil export terminal at the port of Primorsk, as well as the Kirishineftesintez refinery, which is one of the largest refineries in Russia.
In this context, analysts at "J.P. Morgan" led by Natasha Kaneva commented in a note saying: "The attack indicates an increasing willingness to disrupt global oil markets, which could add upward pressure on oil prices," referring to the attack targeting the port of Primorsk.
These developments coincide with rising geopolitical pressures after U.S. President Donald Trump confirmed on Sunday his readiness to impose sanctions on Russia, urging Europe to act in a manner consistent with the United States' position.
In a related context, investors are closely watching the ongoing trade talks between the United States and China in Madrid, which began on Sunday, amid Washington's demands for its allies to impose tariffs on Chinese imports due to their purchases of Russian oil.
