Overview

• Brent traded around $67.79 a barrel and WTI near $63.75 early Monday after modest gains at the open.
• Russian officials said a Ukrainian drone strike reduced output at a major nuclear plant and ignited a large blaze at the Ust-Luga fuel export terminal.
• A separate drone attack left the Novoshakhtinsk refinery fire burning into a fourth day, with the plant’s capacity near 100,000 barrels per day and fuel largely sold for export.
• Federal Reserve Chair Jerome Powell signaled a possible rate cut next month, boosting risk appetite across commodities.
• Traders also factored in U.S. threats to double tariffs on Indian imports over Russian oil purchases and the year-to-date drag from OPEC+ supply restarts.