Oil settles up 1% on Russia sanctions, interviews for next US Fed chair

TotalEnergies CEO Patrick Pouyanne cautioned European nations against becoming overly dependent on US liquefied natural gas (LNG) as they seek to reduce reliance on Russian supplies. He emphasized the need for Europe to diversify its energy sources to ensure stability and security in the face of ongoing geopolitical tensions.

Oil prices have settled lower as renewed efforts to end the Russia-Ukraine war have emerged. This development reflects the ongoing geopolitical tensions and their impact on global oil markets. The market is closely monitoring the situation as it evolves.

Oil futures settled lower as U.S. efforts to restart peace talks between Russia and Ukraine were seen taking some risk premium out of the market. However, losses were limited by the EIA’s report of an unexpected U.S. crude stock draw.

Russia aims to meet the OPEC+ oil production quota by late 2025 or early 2026. This target aligns with the country's strategy to stabilize its oil output amid ongoing geopolitical tensions and market fluctuations. The commitment reflects Russia's efforts to balance its production levels with those of other OPEC+ members.

Oil prices have been negatively impacted by an increase in U.S. crude stocks, raising concerns among traders. The focus remains on the sanctions imposed on Russia, which are affecting its oil exports amid ongoing geopolitical tensions. The market is reacting to these dynamics as they could influence future pricing and supply stability.

Iranian nuclear experts have reportedly conducted a second covert meeting with a Russian weapons institute. The U.S. government claims that this meeting is part of Tehran's ongoing efforts to acquire sensitive military technologies from Moscow. This development raises concerns regarding the potential strengthening of military ties between Iran and Russia, particularly in the context of international sanctions and geopolitical tensions surrounding Iran's nuclear program.

Oil prices remained stable as traders evaluated a report indicating an increase in U.S. stockpiles while also considering the potential repercussions of sanctions imposed on Russia. The market is closely monitoring these dynamics as they could influence future pricing and supply levels.

Denver Riggleman, a former representative from Virginia and CEO of RIIG, has expressed concerns that the Trump administration's decision to sell F-35 fighter jets to Saudi Arabia could lead to intelligence exploitation by other nations, particularly Russia. Riggleman suggests that this arms deal may compromise U.S. intelligence and security interests as foreign entities engage with Saudi Arabia.