Oil prices climbed in Asian trading on Monday, supported by the European Union’s proposal for tougher sanctions on Russia and Ukrainian drone strikes on major Russian refineries.
As of 9:50 p.m. ET (01:50 GMT), November Brent futures rose 0.6% to $67.06 per barrel, while WTI gained 0.5% to $63.02 per barrel. Both benchmarks had posted weekly declines last week after U.S. President Donald Trump called for lower oil prices.
The European Commission unveiled its 19th sanctions package, targeting Russia’s so-called “shadow fleet,” LNG imports, and companies in countries such as China accused of helping Moscow bypass restrictions. Meanwhile, Trump has urged high tariffs on Russia’s key oil buyers and pressed Brussels to act more swiftly.
On the geopolitical front, Ukraine said its drones struck Rosneft’s Saratov refinery and the Novokuibyshevsk facility, which together process more than 15 million tons of crude annually. The attacks triggered explosions and fires, raising risks for Russian crude and fuel exports.
Analysts noted that even temporary disruptions could tighten refining margins, lending support to global oil prices.
