Ice Brent crude October futures settle at $68.05 per barrel

Ice Brent crude October futures settle at $68.05 per barrel

Ice Brent crude oil futures settled at $68.05 per barrel on Monday, July 2, 2025, following a day of market activity driven by geopolitical tensions and production adjustments. The session saw Brent crude futures appreciate by $1.07 or 1.58% to $68.80 per barrel, while the US West Texas Intermediate (WTI) crude futures improved by $1.14 or 1.79% to $64.80 per barrel [1].

The price movements were largely influenced by anticipation of potential US sanctions on Russian oil and Ukrainian attacks on Russian energy infrastructure, which could disrupt supplies. President Donald Trump threatened to impose sanctions on Russia if there was no progress towards a peaceful settlement in Ukraine within two weeks, and US Vice President JD Vance indicated that Russia had made significant concessions towards a negotiated settlement [1].

Market analysts noted that the impact of possible Russian supply disruptions was offset by a reversal of production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+). OPEC+ began to unwind cuts of 2.17 million barrels per day in April with a boost of 138,000 barrels per day. Subsequent hikes in May, June, and July, despite falling oil prices, further added to the market supply [1].

Additionally, the market will be anticipating the next moves by the US Federal Reserve after Chairman Jerome Powell signaled a possible interest rate cut at the US central bank’s meeting in September [1].

References:
[1] https://businesspost.ng/economy/crude-oil-gains-1-amid-possible-us-sanctions-on-russia-supply-disruption/