Oil prices rise after attacks on Russian infrastructure

Oil drilling rigs

Oil prices rose today, Sept. 16, after Ukraine intensified its attacks on Russian energy infrastructure, and as markets monitored developments in trade talks between the world's two largest economies.

Brent crude was trading up 0.25% at $67.61 a barrel, at 07:58 am Makkah time. West Texas Intermediate (WTI) rose 0.25% to $63.47 a barrel.

JP Morgan analysts said the attack on Russia's Primorsk terminal aimed to restrict Russian oil exports and indicated the potential impact on global oil markets, increasing pressure on prices, Reuters reported.

Meanwhile, US Treasury Secretary Scott Besant made it clear on Sept. 15 that the government will not impose additional tariffs on Chinese goods to force China to stop purchasing Russian oil.

The American Petroleum Institute's report on US oil inventories is expected later today, ahead of the official announcement from the US Energy Information Administration on Sept. 17, amid expectations of a 6.4 million barrel decline in inventories for the week ending Sept. 12.