Oil Prices Edge Higher Amid Supply Concerns Following Strikes on Russian Refineries

PUKMEDIA

Oil prices.

Oil prices inched higher on Tuesday, 16 September 2025, extending gains from the previous session, as markets assessed the potential risk of supply disruption following Ukrainian drone strikes on Russian refineries.

According to Reuters, Brent crude futures rose by 15 cents to reach $67.59 a barrel by 03:54 GMT, while U.S. West Texas Intermediate (WTI) crude also gained 15 cents, trading at $63.45. On Monday, Brent had settled 45 cents higher at $67.44, and WTI closed up 61 cents at $63.30.

Ukraine has intensified its strikes on Russia’s energy infrastructure in an effort to weaken Moscow’s war capabilities, with diplomatic efforts to resolve the conflict showing little progress.

Meanwhile, U.S. Treasury Secretary Scott Bessent stated on Monday that Washington would refrain from imposing further tariffs on Chinese goods in an attempt to persuade Beijing to curb its imports of Russian oil—unless European states first introduce significant duties on China and India.

Market participants are also awaiting the outcome of the U.S. Federal Reserve’s policy meeting, scheduled for 16–17 September, where a cut to interest rates is widely anticipated. Lower borrowing costs could stimulate fuel demand.

At the same time, the U.S. dollar index—measuring the currency’s performance against six peers—slipped to its lowest level in nearly a week, making oil purchases more affordable for holders of other currencies.




PUKMEDIA