Oil prices hit a three-week high on Monday as rising Chinese imports and expectations of fresh U.S. sanctions on Russia buoyed market sentiment.
Brent crude rose by 58 cents, or 0.8%, to $70.94 per barrel, while U.S. West Texas Intermediate (WTI) gained 59 cents, or 0.9%, reaching $69.04 by 09:00 GMT.
The rally was driven by increased crude imports from China — up 7.4% year-on-year in June to 12.14 million barrels per day — as well as investor anticipation of U.S. President Donald Trump’s planned “major statement” on Russia. The statement follows Trump’s recent pledge to supply Patriot air defence systems to Ukraine.
UBS analyst Giovanni Staunovo said both China's import figures and U.S. geopolitical positioning were supporting oil markets. Meanwhile, a bipartisan U.S. bill advancing in Congress, aimed at imposing tighter sanctions on Moscow, and the European Union's forthcoming 18th sanctions package — expected to include a lower price cap on Russian oil — added to supply-side concerns.
However, analysts at J.P. Morgan warned that with China’s storage levels near peak, some inventories may shift to visible Western hubs, potentially putting downward pressure on prices in the longer term.
Last week, Brent and WTI recorded gains of 3% and 2.2%, respectively, following an IEA report suggesting that the global oil market may be tighter than headline figures indicate. Traders are also closely watching developments in ongoing U.S.-EU trade and tariff talks that could further impact global energy flows.
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President Ilham Aliyev’s working visit to Beijing on 30 August 2025 was primarily to attend the Shanghai Cooperation Organization (SCO) Summit, and his meeting with Chinese President Xi Jinping took place on the sidelines of this multilateral gathering.
The Shanghai Cooperation Organisation (SCO) has grown from a 1996 border security forum into a major Eurasian bloc, now representing nearly half the world’s population. Its 2025 summit in Tianjin highlighted both its expanding reach and its evolving role on the global stage.
Iran said it expects the Shanghai Cooperation Organization (SCO) to condemn the move by the European troika of France, Germany and the UK which has called for the return of UN sanctions against Tehran’s civilian nuclear program.
Direct road transport between Türkiye and Syria has restarted after more than a decade. The move is expected to boost trade and support Syria’s post-war recovery.
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AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
The Shanghai Cooperation Organisation (SCO) has grown from a 1996 border security forum into a major Eurasian bloc, now representing nearly half the world’s population. Its 2025 summit in Tianjin highlighted both its expanding reach and its evolving role on the global stage.
Iran said it expects the Shanghai Cooperation Organization (SCO) to condemn the move by the European troika of France, Germany and the UK which has called for the return of UN sanctions against Tehran’s civilian nuclear program.
The U.N. agency responsible for providing humanitarian aid and support for displaced people has announced cuts in its 2026 budget due to financial constraints.
Russian President Vladimir Putin said on Monday that Moscow and Tehran are in regular contact on a broad range of international issues, including developments related to Iran’s nuclear programme.
The EU has accused Russia of jamming the GPS signal on an aircraft carrying the European commission President Ursula von der Leyen on Sunday.
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