Global crude oil prices rose modestly as markets reacted to fresh concerns about potential additional sanctions on Russian oil that could disrupt global supply flows and create upward pressure on prices.
The G7 countries have warned of possible tougher action against entities that continue to buy Russian oil despite previous bans, raising expectations that Russian exports could face a significant decline.
The risk has prompted some investors to increase speculative buying, especially as prices approach key technical support levels that are seen as potentially leading to a surge if supply disruptions occur.
However, the price rise occurred in a cautious atmosphere as the market also assessed other factors, including reports that OPEC+ may consider increasing production in the coming months.
If the move continues, additional supply could offset price pressure from Russian sanctions, keeping prices in a stable range.
In addition, a report on US crude oil inventories showing excess supply also reduced the momentum for price increases.
Overall, the current oil movement shows a delicate balance between supply risks from sanctions and prospects for increased production.
The market will continue to await clear signals from OPEC+ as well as further developments in Russia-West trade relations.
