Brent crude oil futures rises above $69 per barrel, up 0.67% intraday.

Brent crude oil futures rises above $69 per barrel, up 0.67% intraday.

Brent crude oil futures surged to $69.4 per barrel on July 2, 2025, marking a 0.67% intraday increase. This uptick was driven by multiple factors, including the European Union's latest round of sanctions against Russia and ongoing tensions in the Middle East. The EU's 18th round of sanctions, which include a lower price cap on Russian oil and additional banking limitations, has raised concerns about oil supplies [1].

Additionally, the market was influenced by positive US economic data and escalating security tensions in the Middle East. Drone attacks in Iraq's Kurdistan region led to a reduction in crude output, further supporting oil prices. The region's crude output was estimated to decline by 140,000 to 150,000 barrels per day due to the attacks [2].

The rise in Brent crude oil futures was also bolstered by the French energy company TotalEnergies' expectations of lower oil and gas prices impacting its second-quarter earnings. This sentiment was echoed by other major oil and gas companies, such as BP and Shell, who also flagged weaker prices as a potential hurdle to their financial performance [4].

Investors remain cautious, however, due to the looming threat of President Donald Trump's tariffs. The US Commerce Secretary, Howard Lutnick, noted that August 1 marks the deadline for countries to begin paying reciprocal tariffs, though negotiations could continue beyond that date. This uncertainty has led to concerns about potential hindrances to global economic growth and dampened energy demand [1].

In summary, Brent crude oil futures saw a notable increase on July 2, 2025, driven by a combination of geopolitical tensions, economic data, and company earnings expectations. Despite these positive factors, the market remains watchful of the potential impacts of US tariffs and other global economic uncertainties.

References:
[1] https://www.tradingview.com/news/te_news:471357:0-brent-edges-higher-amid-eu-sanctions-on-russia/
[2] https://www.economies.com/commodities/oil-news/brent-extends-gains-to-past-$69-a-barrel-46899
[4] https://www.tradingview.com/news/DJN_DN20250716005049:0-totalenergies-expects-hit-from-lower-oil-gas-prices-commodities-roundup/