Overview

• Brent hovered near $66–67 a barrel and WTI around $62–63 on Monday, with modest gains early in Asia followed by dips in London that kept both within a tight recent range.
• The European Commission outlined plans to tighten enforcement by targeting refineries, oil traders and petrochemical firms in third countries to restrict Russia’s access to petrodollars, according to Ursula von der Leyen.
• Ukraine said weekend strikes damaged a trunk oil pipeline and two refineries inside Russia, and NATO members reported Russian airspace incursions near Estonia and Poland ahead of a UN Security Council meeting.
• Iraq’s SOMO reported 3.38 million bpd of exports in August and expects 3.4–3.45 million bpd in September as OPEC+ unwinds cuts, while sources said Baghdad gave preliminary approval to resume Kurdistan pipeline exports via Turkey.
• Analysts flagged rising supply from OPEC+, Russia and the U.S. against softening demand, with China and India continuing to absorb discounted Russian barrels under the G7 price-cap mechanism, helping keep prices rangebound.