Oil prices edged higher on Monday, extending last week’s gains, as traders kept watch for potential new sanctions on Russia from the United States that could disrupt global supply routes. But a mixed backdrop, including higher Saudi output and persistent tariff uncertainty kept investors cautious about the scale of any rally.&nbsp;According to Reuters, Brent crude futures rose to around $70.51 a barrel in early Asian trading, while US West Texas Intermediate crude was near $68.59. Both benchmarks had surged more than two per cent on Friday, buoyed by expectations of tighter summer demand.<h2>Spotlight on Trump’s Russia statement</h2>The market’s attention this week is firmly on Washington. As reported by Reuters, US President Donald Trump is expected to deliver what he called a “major statement” on Russia on Monday, following his announcement that the US will send Patriot air defence systems to Ukraine.&nbsp;Trump has grown increasingly frustrated with Russian President Vladimir Putin, accusing Moscow of showing no genuine willingness to end its invasion of Ukraine and continuing bombardment of Ukrainian cities. According to Reuters, a bipartisan bill in the US Congress that would impose tougher sanctions on Russia gained momentum last week but still requires Trump’s backing to become law.&nbsp;Meanwhile, four European Union sources told Reuters that EU envoys are on the verge of approving an 18th sanctions package against Russia. This package would include lowering the price cap on Russian oil exports, tightening Moscow’s ability to finance its war in Ukraine.<h2>Market faces push and pull</h2>Even with geopolitical risks supporting prices, there are headwinds keeping the rally in check. As per Reuters, the International Energy Agency warned last week that the oil market might be tighter than it appears on the surface, with demand getting a lift from peak summer refinery runs and power generation needs. That dynamic helped Brent notch a three per cent weekly gain, with WTI up around 2.2 per cent.But there is significant supply-side noise. Analysts at ANZ, quoted by Reuters, highlighted data showing Saudi Arabia lifted its output above its agreed OPEC+ quota in June. The IEA estimated that Riyadh’s production reached 9.8 million barrels per day, surpassing its target by more than 400,000 bpd.&nbsp;Saudi Arabia’s energy ministry disputed that figure, telling Reuters on Friday it remained fully compliant with its voluntary target under the OPEC+ pact. It said Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.<h2>China’s imports surge but raise questions</h2>According to Reuters, China’s oil imports climbed 7.4 per cent in June from a year earlier to 49.89 million tonnes, around 12.14 million barrels per day, marking the highest daily rate since August 2023.&nbsp;While this jump in demand has offered some bullish signals for traders, not all see it as sustainable. Reuters cited J.P. Morgan analysts warning that with China’s storage facilities at 95 per cent of their peak 2020 levels, much of this inventory may soon appear in “visible” Western markets that set global benchmarks, putting downward pressure on prices.<h2>High stakes in the coming days</h2>For oil markets, the next few days could prove pivotal. As Reuters notes, Trump’s looming statement on Russia has the potential to reshape the sanctions landscape, possibly disrupting Moscow’s energy exports and tightening supply at a moment of fragile demand recovery. At the same time, questions over Saudi production discipline, tariff uncertainty in global trade, and the risk of Chinese stockpiles flooding export markets all threaten to cap gains.&nbsp;Investors are waiting for clarity from Washington, knowing that the interplay of geopolitics and market fundamentals in the coming weeks will likely set the tone for oil prices through the rest of 2025.&nbsp;

Oil prices edge higher on supply concerns ahead of Trump Russia sanctions statement, but rising Saudi output and Chinese stockpiles temper the rally.

Oil prices edged higher on Monday, extending last week’s gains, as traders kept watch for potential new sanctions on Russia from the United States that could disrupt global supply routes. But a mixed backdrop, including higher Saudi output and persistent tariff uncertainty kept investors cautious about the scale of any rally. According to Reuters, Brent crude futures rose to around $70.51 a barrel in early Asian trading, while US West Texas Intermediate crude was near $68.59. Both benchmarks had surged more than two per cent on Friday, buoyed by expectations of tighter summer demand. Spotlight on Trump’s Russia statement The market’s attention this week is firmly on Washington. As reported by Reuters, US President Donald Trump is expected to deliver what he called a “major statement” on Russia on Monday, following his announcement that the US will send Patriot air defence systems to Ukraine. Trump has grown increasingly frustrated with Russian President Vladimir Putin, accusing Moscow of showing no genuine willingness to end its invasion of Ukraine and continuing bombardment of Ukrainian cities. According to Reuters, a bipartisan bill in the US Congress that would impose tougher sanctions on Russia gained momentum last week but still requires Trump’s backing to become law. Meanwhile, four European Union sources told Reuters that EU envoys are on the verge of approving an 18th sanctions package against Russia. This package would include lowering the price cap on Russian oil exports, tightening Moscow’s ability to finance its war in Ukraine. Market faces push and pull Even with geopolitical risks supporting prices, there are headwinds keeping the rally in check. As per Reuters, the International Energy Agency warned last week that the oil market might be tighter than it appears on the surface, with demand getting a lift from peak summer refinery runs and power generation needs. That dynamic helped Brent notch a three per cent weekly gain, with WTI up around 2.2 per cent. But there is significant supply-side noise. Analysts at ANZ, quoted by Reuters, highlighted data showing Saudi Arabia lifted its output above its agreed OPEC+ quota in June. The IEA estimated that Riyadh’s production reached 9.8 million barrels per day, surpassing its target by more than 400,000 bpd. Saudi Arabia’s energy ministry disputed that figure, telling Reuters on Friday it remained fully compliant with its voluntary target under the OPEC+ pact. It said Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. China’s imports surge but raise questions According to Reuters, China’s oil imports climbed 7.4 per cent in June from a year earlier to 49.89 million tonnes, around 12.14 million barrels per day, marking the highest daily rate since August 2023. While this jump in demand has offered some bullish signals for traders, not all see it as sustainable. Reuters cited J.P. Morgan analysts warning that with China’s storage facilities at 95 per cent of their peak 2020 levels, much of this inventory may soon appear in “visible” Western markets that set global benchmarks, putting downward pressure on prices. High stakes in the coming days For oil markets, the next few days could prove pivotal. As Reuters notes, Trump’s looming statement on Russia has the potential to reshape the sanctions landscape, possibly disrupting Moscow’s energy exports and tightening supply at a moment of fragile demand recovery. At the same time, questions over Saudi production discipline, tariff uncertainty in global trade, and the risk of Chinese stockpiles flooding export markets all threaten to cap gains. Investors are waiting for clarity from Washington, knowing that the interplay of geopolitics and market fundamentals in the coming weeks will likely set the tone for oil prices through the rest of 2025.

Oil prices rose slightly as traders brace for a potential US sanctions announcement on Russia, but gains are capped by rising Saudi output and uncertain demand.

Oil prices inch up as markets await Trump’s next move on Russia

In a landmark move, President &nbsp;Vladimir <a href="https://www.wionews.com/world/putin-says-us-threats-smack-of-soviet-unions-fatal-mistakes-389662">Putin</a> on Monday signed a legislation which signalled the formal exit of Russia from the 1992 Open Skies arms control treaty.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-is-the-navalny-network-an-extremist-group-389636/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The development came after the <a href="https://www.wionews.com/world/trump-hits-out-at-biden-for-bowing-down-to-china-urges-him-to-put-america-first-389769">Biden</a> administration last month had informed the Russian government that it wouldn't reenter the pact after the former Trump administration pulled out of it last year.

President Putin and Biden as set to meet at a summit in Geneva on June 16 this month, however, the US decision was communicated to Russian officials earlier.&nbsp;

The Open Skies treaty which had come into effect on January 1, 2002, allowed both countries to conduct unarmed surveillance flights over military installations in a bid to ensure friendly terms between the two world powers.

There were 34 other countries who had signed the deal and was put forward by George H. W. Bush's administration in 1992 and was signed in Helsinki by former US secretary of state James Baker along with 23 countries.

The Biden administration had earlier extended <a href="https://www.wionews.com/world/us-rejects-russian-proposal-for-one-year-extension-of-new-start-treaty-335941">New START treaty </a>by five years after the Trump did not extend it.&nbsp;

The US in a statement earlier had said: “The United States regrets that the Treaty on Open Skies has been undermined by Russia’s violations. In concluding its review of the treaty, the United States, therefore, does not intend to seek to rejoin it, given Russia’s failure to take any actions to return to compliance."

"Further, Russia’s behaviour, including its recent actions with respect to Ukraine, is not that of a partner committed to confidence-building,” the US statement added.

The Open Skies treaty was meant to allow militaries of both nations to monitor each other's activities in a transparent and friendly manner. However, the Trump administration had pulled out of the Open Skies treaty citing violations from the Russian side.

Russia's lower house earlier voted to exit from the treaty and the upper house reached the same verdict allowing Putin to put his stamp on Russia's exit from the post-cold war treaty.

Russian news agency TAAS had said it was "another political mistake, inflicting a new blow to the European security system" after the US government led by President Bident had decided not to reenter the deal.

The Kremlin said the US decision was a "threat to Russia’s national security" which upset the "balance of interests" leading the Russian government to also pull out of it.

In a landmark move, President Vladimir Putin on Monday signed a legislation which signalled the formal exit of Russia from the 1992 Open Skies arms control treaty.

In a landmark move, President Vladimir Putin on Monday signed a legislation which signalled the formal exit of Russia from the 1992 Open Skies arms control treaty. Watch: The development came after the Biden administration last month had informed the Russian government that it wouldn't reenter the pact after the former Trump administration pulled out of it last year. President Putin and Biden as set to meet at a summit in Geneva on June 16 this month, however, the US decision was communicated to Russian officials earlier. The Open Skies treaty which had come into effect on January 1, 2002, allowed both countries to conduct unarmed surveillance flights over military installations in a bid to ensure friendly terms between the two world powers. There were 34 other countries who had signed the deal and was put forward by George H. W. Bush's administration in 1992 and was signed in Helsinki by former US secretary of state James Baker along with 23 countries. The Biden administration had earlier extended New START treaty by five years after the Trump did not extend it. The US in a statement earlier had said: “The United States regrets that the Treaty on Open Skies has been undermined by Russia’s violations. In concluding its review of the treaty, the United States, therefore, does not intend to seek to rejoin it, given Russia’s failure to take any actions to return to compliance." "Further, Russia’s behaviour, including its recent actions with respect to Ukraine, is not that of a partner committed to confidence-building,” the US statement added. The Open Skies treaty was meant to allow militaries of both nations to monitor each other's activities in a transparent and friendly manner. However, the Trump administration had pulled out of the Open Skies treaty citing violations from the Russian side. Russia's lower house earlier voted to exit from the treaty and the upper house reached the same verdict allowing Putin to put his stamp on Russia's exit from the post-cold war treaty. Russian news agency TAAS had said it was "another political mistake, inflicting a new blow to the European security system" after the US government led by President Bident had decided not to reenter the deal. The Kremlin said the US decision was a "threat to Russia’s national security" which upset the "balance of interests" leading the Russian government to also pull out of it.

Russia formally exits from Open Skies pact with US after Putin's approval

US President Donald Trump has said "nobody has been tougher" on Russia than him even as he expressed hope that having a good relationship with his Russian counterpart Vladimir Putin would be a "great thing".

Trump's comments came yesterday during a meeting with leaders of the Baltic states -- Estonia, Latvia and Lithuania -- a day after the White House confirmed the president invited Putin to the Oval Office for a potential meeting.

"I think we'll be able to have great dialogue, I hope. And, if we can't, you'll be the first to know about it. Nobody's been tougher on Russia than I have," he said.

Trump was asked if he considered Putin a friend or a foe.

"It's a real possibility that I could have a good relationship. And remember this: Getting along with Russia is a good thing. Getting along with China is a good thing. Getting along with other countries, including your three countries is a good thing, not a bad thing," Trump told reporters at a White House joint news conference with Baltic leaders.

"So I think I could have a very good relationship with Russia and with President Putin. And if I did, that would be a great thing. And there's also a possibility that won't happen. Who knows?" he said.

Trump noted that the US is "very strong" on energy, which he said, is not good for Russia.

"We're essentially now energy-independent. We're an exporter of energy. That is not a positive for Russia. But it's certainly a positive for the United States," he said.

His administration, Trump said, has just passed a USD 700 billion military budget.

"Next year, $716 billion, the largest ever passed. We are going to have a military stronger than we've ever had before, by far. Now, that's not exactly a great thing for Russia. But that's the way it is. We're going to have the strongest military that we ever had," he said.

The US President reiterated the non-payment of bills by some NATO member countries.

"NATO was delinquent. They were not paying their bills. They were not paying, a lot of states, as we discussed. They were not -- they were not paying what they should be paying," he said.

Trump said since he came in, many billions of dollars additional have been paid by countries that weren't paying, and now they're paying.

"And they will have to pay more, frankly. They're going to have to pay more," Trump said.

"So there are many things that I've done, and not only the 60 diplomats. Germany did four, France did four, we did 60. There's nobody been tougher on Russia," he said on the US' expulsion of 60 Russian diplomats in response to a chemical attack on a former Russian spy in the UK.

White House confirmed the president invited Putin to the Oval Office for a potential meeting.

US President Donald Trump has said "nobody has been tougher" on Russia than him even as he expressed hope that having a good relationship with his Russian counterpart Vladimir Putin would be a "great thing". Trump's comments came yesterday during a meeting with leaders of the Baltic states -- Estonia, Latvia and Lithuania -- a day after the White House confirmed the president invited Putin to the Oval Office for a potential meeting. "I think we'll be able to have great dialogue, I hope. And, if we can't, you'll be the first to know about it. Nobody's been tougher on Russia than I have," he said. Trump was asked if he considered Putin a friend or a foe. "It's a real possibility that I could have a good relationship. And remember this: Getting along with Russia is a good thing. Getting along with China is a good thing. Getting along with other countries, including your three countries is a good thing, not a bad thing," Trump told reporters at a White House joint news conference with Baltic leaders. "So I think I could have a very good relationship with Russia and with President Putin. And if I did, that would be a great thing. And there's also a possibility that won't happen. Who knows?" he said. Trump noted that the US is "very strong" on energy, which he said, is not good for Russia. "We're essentially now energy-independent. We're an exporter of energy. That is not a positive for Russia. But it's certainly a positive for the United States," he said. His administration, Trump said, has just passed a USD 700 billion military budget. "Next year, $716 billion, the largest ever passed. We are going to have a military stronger than we've ever had before, by far. Now, that's not exactly a great thing for Russia. But that's the way it is. We're going to have the strongest military that we ever had," he said. The US President reiterated the non-payment of bills by some NATO member countries. "NATO was delinquent. They were not paying their bills. They were not paying, a lot of states, as we discussed. They were not -- they were not paying what they should be paying," he said. Trump said since he came in, many billions of dollars additional have been paid by countries that weren't paying, and now they're paying. "And they will have to pay more, frankly. They're going to have to pay more," Trump said. "So there are many things that I've done, and not only the 60 diplomats. Germany did four, France did four, we did 60. There's nobody been tougher on Russia," he said on the US' expulsion of 60 Russian diplomats in response to a chemical attack on a former Russian spy in the UK.

I could have a very good relationship with Russia & Putin: Trump

Hillary Clinton on Sunday sharply criticised Donald Trump over his &quot;absolute allegiance&quot; to Russian policy aims, saying it raised both &quot;national security issues&quot; and new doubts about his temperament. 
 
Trump, her Republican rival in the race for the White House, responded defiantly, saying he had &quot;no relationship&quot; with Russian leader Vladimir Putin and had never met nor spoken to him by phone, but that &quot;if our country got along with Russia, that would be a great thing&quot;. 
 
He said in an American Broadcasting Company (ABC)&nbsp;interview that he was not about to disavow it if Putin praised him as a &quot;genius&quot; (some Russian speakers say &quot;colourful&quot; was a better translation of the word). 
 
But further fanning controversy, Trump added that as President he would at least consider acknowledging Russian sovereignty over Crimea, the Ukrainian territory that Russia annexed in 2014 in the face of widespread international condemnation. 
 
&quot;The people of Crimea, from what I&#39;ve heard, would rather be with Russia,&quot; Trump said. 
 
The territory was the subject of a head-scratching exchange between Trump and ABC &quot;This Week&quot; host George Stephanopoulos. 
 
&quot;(Putin&#39;s) not going into Ukraine, okay, just so you understand,&quot; Trump said. &quot;He&#39;s not gonna go into Ukraine, all right? You can mark it down. You can put it down.&quot; 
 
Stephanopoulos responded: &quot;Well, he&#39;s already there, isn&#39;t he?&quot; 
 
Trump replied, &quot;Okay - well, he&#39;s there in a certain way. But I&#39;m not there.&quot; 
 
Clinton senior policy advisor Jake Sullivan called Trump&#39;s statement &quot;scary stuff&quot;. 
 
&quot;What is he talking about? ... What else doesn&#39;t he know?&quot; Sullivan said in a statement. &quot;While Trump hasn&#39;t mastered basic facts about the world, he has mastered Putin&#39;s talking points on Crimea.&quot; 
 
Trump said he was not involved in Republicans&#39; softening of their platform language to remove a call to provide Ukraine with lethal weaponry.&nbsp;The dispute over Russia is part of a broader disagreement over US engagement abroad, as Trump argues that a weakened America must retrench and demand greater contributions from its allies, while Clinton asserts that decades-old US commitments to foreign partners must be maintained. 
 
Backlash over emails&nbsp; 
 
Clinton, in her comments, was responding on Fox News Sunday to allegations of Russian involvement in leaks of Democratic Party emails that embarrassed her on the eve of the just-ended Democratic national convention. 
 
As that convention was under way, Trump urged Russia to find and release several thousand emails that disappeared from Clinton&#39;s private server while she was secretary of state. 
 
&quot;Russia, if you&#39;re listening,&quot; Trump said at the time, &quot;I hope you&#39;re able to find the 30,000 emails that are missing. I think you will be mightily rewarded by our press&quot;. 
 
That call, of a sort nearly unprecedented in US presidential politics, drew sharp rebukes from Democrats and some Republicans.&nbsp;US cybersecurity experts said it raised questions about whether Russia had attempted to influence the American campaign in Trump&#39;s favour. 
 
Leaked emails published by WikiLeaks revealed the distrust of some key Democratic leaders of Bernie Sanders, Clinton&#39;s former rival for the Democratic nod. 
 
Trump&#39;s seeming encouragement of Russian hacking, Clinton told Fox, &quot;raises issues about Russian influence in our election&quot;. 
 
&quot;And for Trump to both encourage that and to praise Putin despite what appears to be a deliberate effort to try to affect the election, I think, raises national security issues.&quot; 
 
&#39;Not temperamentally fit&#39;&nbsp; 
 
When an interviewer noted that Trump had claimed he was being sarcastic, Clinton replied: &quot;If you take the encouragement that Russians hack into email accounts, if you take his quite excessive praise for Putin, his absolute allegiance to a lot of Russian wish-list foreign policy issues,&quot; it suggests that &quot;he is not temperamentally fit to be president and commander-in-chief&quot;. 
 
Trump had earlier unnerved NATO member nations by questioning the long absolute US commitment to defend any member of the Atlantic alliance should it be attacked by Russia. 
 
In an interview with The New York Times just before the Republican convention, Trump said that if Russia attacked NATO member nations he would decide whether to come to their assistance only if he decided that they had &quot;fulfilled their obligations to us&quot;. 
 
Trump has also said he might withdraw US troops from European and Asian countries if they failed to pay more for American protection. 
 
&quot;We are going to take care of this country first,&quot; he told The Times, &quot;before we worry about everyone else in the world&quot;. 
 
(AFP) 
 
&nbsp;

Comment comes after Trump encourages Putin to compromise US cyber security & denies Russia will enter Ukraine -- which it already has

Hillary Clinton on Sunday sharply criticised Donald Trump over his "absolute allegiance" to Russian policy aims, saying it raised both "national security issues" and new doubts about his temperament. Trump, her Republican rival in the race for the White House, responded defiantly, saying he had "no relationship" with Russian leader Vladimir Putin and had never met nor spoken to him by phone, but that "if our country got along with Russia, that would be a great thing". He said in an American Broadcasting Company (ABC) interview that he was not about to disavow it if Putin praised him as a "genius" (some Russian speakers say "colourful" was a better translation of the word). But further fanning controversy, Trump added that as President he would at least consider acknowledging Russian sovereignty over Crimea, the Ukrainian territory that Russia annexed in 2014 in the face of widespread international condemnation. "The people of Crimea, from what I've heard, would rather be with Russia," Trump said. The territory was the subject of a head-scratching exchange between Trump and ABC "This Week" host George Stephanopoulos. "(Putin's) not going into Ukraine, okay, just so you understand," Trump said. "He's not gonna go into Ukraine, all right? You can mark it down. You can put it down." Stephanopoulos responded: "Well, he's already there, isn't he?" Trump replied, "Okay - well, he's there in a certain way. But I'm not there." Clinton senior policy advisor Jake Sullivan called Trump's statement "scary stuff". "What is he talking about? ... What else doesn't he know?" Sullivan said in a statement. "While Trump hasn't mastered basic facts about the world, he has mastered Putin's talking points on Crimea." Trump said he was not involved in Republicans' softening of their platform language to remove a call to provide Ukraine with lethal weaponry. The dispute over Russia is part of a broader disagreement over US engagement abroad, as Trump argues that a weakened America must retrench and demand greater contributions from its allies, while Clinton asserts that decades-old US commitments to foreign partners must be maintained. Backlash over emails Clinton, in her comments, was responding on Fox News Sunday to allegations of Russian involvement in leaks of Democratic Party emails that embarrassed her on the eve of the just-ended Democratic national convention. As that convention was under way, Trump urged Russia to find and release several thousand emails that disappeared from Clinton's private server while she was secretary of state. "Russia, if you're listening," Trump said at the time, "I hope you're able to find the 30,000 emails that are missing. I think you will be mightily rewarded by our press". That call, of a sort nearly unprecedented in US presidential politics, drew sharp rebukes from Democrats and some Republicans. US cybersecurity experts said it raised questions about whether Russia had attempted to influence the American campaign in Trump's favour. Leaked emails published by WikiLeaks revealed the distrust of some key Democratic leaders of Bernie Sanders, Clinton's former rival for the Democratic nod. Trump's seeming encouragement of Russian hacking, Clinton told Fox, "raises issues about Russian influence in our election". "And for Trump to both encourage that and to praise Putin despite what appears to be a deliberate effort to try to affect the election, I think, raises national security issues." 'Not temperamentally fit' When an interviewer noted that Trump had claimed he was being sarcastic, Clinton replied: "If you take the encouragement that Russians hack into email accounts, if you take his quite excessive praise for Putin, his absolute allegiance to a lot of Russian wish-list foreign policy issues," it suggests that "he is not temperamentally fit to be president and commander-in-chief". Trump had earlier unnerved NATO member nations by questioning the long absolute US commitment to defend any member of the Atlantic alliance should it be attacked by Russia. In an interview with The New York Times just before the Republican convention, Trump said that if Russia attacked NATO member nations he would decide whether to come to their assistance only if he decided that they had "fulfilled their obligations to us". Trump has also said he might withdraw US troops from European and Asian countries if they failed to pay more for American protection. "We are going to take care of this country first," he told The Times, "before we worry about everyone else in the world". (AFP)

Trump's 'absolute allegiance' to Russian policy aims raises national security issues: Hillary

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Oil prices inch up as markets await Trump’s next move on Russia

Russia formally exits from Open Skies pact with US after Putin's approval

I could have a very good relationship with Russia & Putin: Trump

Trump's 'absolute allegiance' to Russian policy aims raises national security issues: Hillary