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Oil holds near $67 as traders weigh escalating sanction threats against Russia
Oil prices paused after a three-day gain, with Brent crude holding above $67 a barrel. The market is weighing the potential for significant new sanctions from the Trump administration and the EU against Russia, which could disrupt global supply and create further volatility.
Oil prices steadied on Thursday, with Brent crude holding above $67 a barrel after a 1.7% gain the previous session. The pause comes as traders weigh the risk of new Western sanctions on Russia.
Prices had spiked after former President Donald Trump condemned a Russian airspace violation, raising geopolitical tensions. He has proposed tariffs on major buyers of Russian oil, a plan the EU says it will support with significantly stronger sanctions.
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This threat of supply disruption contrasts with bearish data. U.S. crude inventories rose by 3.9 million barrels last week, and analysts at Citigroup reaffirmed their forecast for prices to fall into the low $60s by year-end, citing a looming supply glut.
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Last update: Sep 11, 2025