Oil continues to rise in price amid increased geopolitical tensions and expectations of a statement by US President Donald Trump on Russia. September Brent futures jumped to $71.47 per barrel at the moment. Contracts for WTI for August delivery rose to $69.62. On Friday, Brent and WTI added 2.5% and 2.8%, respectively. The current Brent quote is $70.22, WTI – $68.18 per barrel. Prices were supported by the IEA report: despite the reduction in the forecast for global oil demand in 2025 to 704 thousand bpd, the agency pointed to high current demand from refineries. At the same time, the forecast for supply growth was raised to 2.1 million bpd. Baker Hughes data also had an impact – the number of drilling rigs in the United States fell to 424, which was the lowest since September 2021. Investors are waiting for Trump's statement, which, as he said, will be related to Russia. The market is afraid of possible sanctions against the Russian oil sector. The media also reports that the United States may announce the supply of offensive weapons to Ukraine, including long-range missiles. Trump's decision to impose 30% tariffs on goods from the EU and Mexico added additional nervousness to the market. This has jeopardized negotiations on a trade agreement between the United States and the European Union, although market participants hope for continued dialogue and a softening of conditions.
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