Oil prices in Asia edged higher on Monday after a week of declines, as traders considered the potential impact of new European Union sanctions on Russia and ongoing Ukrainian strikes targeting energy infrastructure.
At 21:50 ET (01:50 GMT), November Brent futures rose 0.6% to $67.06 per barrel, while WTI crude gained 0.5% to $63.02 per barrel. Last week, Brent fell nearly 0.5%, pressured in part by former President Donald Trump’s calls for lower oil prices.
European Union Tightens the Screws on Russian Energy
The European Commission unveiled its 19th package of sanctions against Russia on Friday, aimed at companies that violate existing restrictions on Russian energy imports. The plan targets traders, refineries, and petrochemical firms in third countries—including China—and also proposes listing 118 vessels from Russia’s so-called “shadow fleet.”
In addition, the EU is exploring an earlier implementation of the Russian LNG import ban, potentially advancing it to January 1, 2027, under pressure from U.S. authorities. U.S. officials have expressed support, and Trump has encouraged Europe to impose strict tariffs on major Russian oil buyers like China and India while accelerating a move away from Russian energy.
Ukrainian Strikes Disrupt Russian Refining
Ukraine has stepped up attacks on Russia’s energy infrastructure. On Saturday, Ukrainian drones reportedly hit Rosneft’s Saratov refinery and the Novokuibyshevsk facility in the Volga region, sparking explosions and large fires. Novokuibyshevsk, in Samara Oblast, processes more than 8.8 million tons of crude annually, while Saratov handles over 7 million tons.
Markets interpret these disruptions as supportive for oil prices because they limit throughput and heighten risks to exports of both crude and refined products. Analysts note that even temporary closures of terminals or pipelines can tighten global supply margins, reinforcing price support.
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