Crude oil prices are trading flat this morning, caught between escalating geopolitical risks and a less supportive fundamental backdrop, ING commodity strategists Ewa Manthey and Warren Patterson said.
Sanctions risk vs supply concerns
Traders are awaiting further clarity on potential Western sanctions against Russian energy exports, with reports suggesting the European Union may target Indian and Chinese firms facilitating Russian oil flows in its next sanctions package. Such measures could tighten supply channels, though expectations of a looming surplus continue to limit upside momentum.
Russian exports resume
Meanwhile, market pressure eased somewhat after reports confirmed that loadings at Russia’s Primorsk Port have resumed. The Baltic Sea facility had temporarily halted operations following drone strikes by Ukraine last Friday.
