Oil prices climb over 1.5% amid concerns of Russian supply disruptions

Oil drilling rigs

Oil prices rose on Monday, driven by concerns over potential disruptions to Russian crude supplies following Ukrainian attacks on Russia’s energy infrastructure.

Brent crude futures for October delivery gained 1.6%, or $1.07, to settle at $68.80 per barrel.

Meanwhile, US WTI (West Texas Intermediate) crude futures for October—the most actively traded contract—rose 1.8%, or $1.14, to $64.80 per barrel.

Ukraine intensified its attacks on Russian energy infrastructure, with a drone strike on Sunday causing a massive fire at the Ust-Luga fuel export terminal, while a blaze at the Novoshakhtinsk refinery continued for the fourth consecutive day.

Prices also found support after Federal Reserve Chair Jerome Powell hinted at a potential easing of US monetary policy in the future, a move that could bolster US economic growth and strengthen demand for crude.