Overview

• Brent hovered around $66.6 a barrel and WTI near $62.3, with prices little changed after a recent multi‑day slide and still rangebound in the mid‑$60s.
• The European Union is preparing sanctions aimed at Russian oil industry entities in third countries, with plans also moving to bring forward a ban on Russian LNG imports.
• Ukraine has stepped up strikes on Russian energy infrastructure as NATO allies protest recent Russian airspace incursions near Estonia and Poland.
• Iraq’s SOMO projected September exports at about 3.4–3.45 million barrels per day, while a preliminary Baghdad‑Erbil deal would restart roughly 230,000 bpd via Turkey.
• Market watchers warn of a growing surplus as OPEC+ unwinds cuts and non‑OPEC output rises, though China’s crude buying and stockpiling continue to support prices.