- U.S. policies Weigh in on market
By Obinna Uballa
Oil prices rose on Tuesday amid growing concerns over Russian supply disruptions and uncertainty surrounding United States trade and monetary policies.
Brent futures for November delivery traded at $69.46 per barrel at 10:54 a.m. Nigerian time, up 1.92% from Monday’s close.
The October Nymex WTI contract gained 3.06% to $65.97 per barrel, after no settlement on Monday due to what experts described as the U.S. Labor Day holiday.
However, soaring attacks in the Ukraine-Russia war have raised fears about the stability of Russian oil exports, CNBC reported. Ukrainian drone strikes have reportedly knocked out facilities representing at least 17% of Russia’s refining capacity, according to Reuters estimates.
Ukrainian President Volodymyr Zelenskyy vowed “new deep strikes” over the weekend, as diplomatic efforts by the U.S. and Europe to push for a ceasefire continue to falter with no peace in sight, at the moment.
The White House has stepped up pressure on Russia’s trading partners, imposing extra tariffs on imports from India over its continued purchases of Russian crude. India reacted by slamming the move as “unfair, unjustified and unreasonable.”
Meanwhile, U.S. President Donald Trump on Monday branded U.S.-India trade ties a “totally one-sided disaster,” signaling further strain. Washington has yet to act against China, Russia’s largest oil buyer since the G7 price cap came into effect.
The tensions unfolded as Putin, Xi Jinping and Narendra Modi showcased solidarity at this week’s Shanghai Cooperation Organization (SCO) summit, underscoring deepening ties among major oil consumers outside the West.
Analysts say attention is now on an eight-member OPEC+ group, including Russia and Saudi Arabia, which meets Sept. 7 to review production policy.
Analysts expect the alliance to maintain current output levels, following the recent unwinding of a 2.2 million barrels per day cut
