Brent Crude Oil Trades at $66.57 per Barrel Amid Geopolitical Tensions

Kokcha News Agency – Brent crude oil prices have risen to $66.57 per barrel as of 09:37 today, marking a 1.7% increase. This follows a volatile trading session on Friday, where prices reached a high of $66.86 before closing at $65.45.

The price surge is attributed to geopolitical tensions following Russia’s recent large-scale air attack on Ukraine, which has raised concerns about potential sanctions and supply disruptions. Additionally, the decision by OPEC+ to implement limited production increases has also influenced the market.

Ukrainian President Volodymyr Zelenskyy reported that Russian forces used over 800 drones, 4 ballistic missiles, and 9 cruise missiles in the attack on Kyiv. The Ukrainian Air Force confirmed that most of the drones were neutralized, but 54 drones and 9 missiles hit their targets, marking the most extensive air assault since the war began.

In response to the escalating conflict, U.S. President Donald Trump announced readiness to move to the second phase of sanctions against Russia. Meanwhile, European Union Council President Antonio Costa stated that the EU is accelerating work on new sanctions and will send a delegation to the U.S. to coordinate efforts.

On the production front, OPEC+ members, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil production by 137,000 barrels per day in October. This decision, which falls below market expectations, has provided some relief to the market, supporting the upward trend in prices.

Technically, Brent crude is seen with resistance at $70.07 and support at $63.43.