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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U.S. President Donald Trump told the UN General Assembly on Tuesday that he ended seven long-running conflicts in just seven months and insisted “everyone says” he deserves a Nobel Peace Prize.
U.S. President Donald Trump rejected growing international recognition of a Palestinian state at the UN General Assembly on Tuesday, accusing members of “rewarding Hamas” and attacking allies over energy and immigration policies.
Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investment and to offset the impact of U.S. President Donald Trump's tariffs.
The Iranian President Masoud Pezeshkian and Azerbaijani Deputy Prime Minister Shahin Mustafayev reviewed bilateral relations between the two neighbouring countries official sources said on Tuesday.
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.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
U.S. President Donald Trump told the UN General Assembly on Tuesday that he ended seven long-running conflicts in just seven months and insisted “everyone says” he deserves a Nobel Peace Prize.
U.S. President Donald Trump rejected growing international recognition of a Palestinian state at the UN General Assembly on Tuesday, accusing members of “rewarding Hamas” and attacking allies over energy and immigration policies.
Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investment and to offset the impact of U.S. President Donald Trump's tariffs.
Beijing is in talks with Boeing over a potential order of up to 500 aircrafts, a deal that could reshape the U.S. manufacturer’s fortunes in China after years of stalled sales.
Norway has joined in the condemnation of recent incidents of Russian violation of allied airspaces with the latest being Denmark and at the same time revealed that its airspace was violated three times by Russia over spring and summer this year.
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