ukraine conflict

Oil Prices Rally on Russian Supply Fears Amid Tariff Uncertainty; WTI Tests Key Technical Levels

Oil prices dropped by over 1% after they had risen by almost 2% on Monday to start the week on the front foot. Traders are watching the war in Ukraine and the possibility of interruptions to Russia's oil supply.

Brent crude oil fell by $1.08, or 1.57%, to $67.72 per barrel. It had reached its highest price since early August just a day earlier. West Texas Intermediate (WTI) crude oil also dropped, losing $1.13, or about 1.74%, to $63.67.

Oil and Gas Markets Weighed Down by Sanction Risks and Bearish Fundamentals

Oil opened lower this morning amid reduced concerns over tougher sanctions against Russia following the Trump-Putin summita