Moscow claims Ukrainian drones focused Russian presidency; traders await US stockpiles report
A view reveals oil pump jacks outdoors Almetyevsk, within the Republic of Tatarstan, Russia July 14, 2025. Picture: Reuters
NEW YORK/BENGALURU:
Oil costs rose by greater than $1 on Monday as merchants braced for potential provide disruptions within the Center East because of rising tensions in Yemen, and Russia accused Ukraine of launching a drone assault on its President Vladimir Putin’s residence.
Brent crude futures rose $1, or 1.7%, to $61.64 a barrel by 1818 GMT, whereas US West Texas Intermediate crude was up $1.10, or 1.9%, at $57.84.
“The market’s focus has shifted towards the Center East, the place contemporary instability, together with Saudi air strikes in Yemen, is conserving supply-disruption headlines in play,” Gelber & Associates stated in a be aware.
Yemen’s Saudi-led coalition stated any navy strikes by the principle southern separatist group within the japanese province of Hadramout that undermined de-escalation efforts can be countered to guard civilians, the Saudi state information company reported on Saturday.
An escalation of combating on Thursday killed two individuals from the separatist group Southern Transitional Council’s Hadhrami Elite Forces in Hadramout, the group stated in its assertion. Saudi airstrikes adopted early on Friday, focusing on the STC forces within the space, a supply informed Reuters.
Elsewhere, Moscow accused Ukraine of launching a drone assault on the Russian presidential residence in northern Russia, because of which Moscow now plans to overview its place in peace talks. Ukraine dismissed Russian statements concerning the drone assault and its international minister stated Moscow was searching for “false justifications” for additional strikes in opposition to its neighbor.
Prior to those developments, Ukrainian President Volodymyr Zelenskiy had stated on Monday that vital progress had been made in talks with US counterpart Donald Trump and agreed that US and Ukrainian groups would meet subsequent week to finalise points aimed toward ending Russia’s struggle in Ukraine.
Trump had additionally held a “optimistic name” with Putin concerning the struggle in Ukraine, White Home spokeswoman Karoline Leavitt stated earlier on Monday.
Oil benchmarks had dropped greater than 2% on Friday, partly because of rising hopes of a Ukraine peace deal.
Sturdy Chinese language waterborne crude imports are additionally serving to tighten oil markets, stated UBS analyst Giovanni Staunovo.
He added that $60 a barrel was the mushy ground for Brent, with costs anticipated to recuperate barely in 2026 as a result of non-OPEC+ provide progress is more likely to stall in the course of 2026.
Vitality traders are additionally ready for knowledge on US stockpiles for the week ended December 19. The report, which was anticipated to be printed at 10:30 a.m. ET on Monday, was delayed with out assigning a brand new publication time.
An prolonged Reuters ballot confirmed US crude oil inventories had been anticipated to have fallen within the week ended December 19, whereas distillate and gasoline inventories had been anticipated to have risen.
