Oil prices remained relatively stable on Monday as market participants assessed the implications of newly imposed European sanctions on Russian oil supply, increasing production from Middle Eastern producers, and apprehensions regarding fuel demand in light of tariffs affecting global economic growth.

Brent crude futures increased by 5 cents, reaching $69.33 a barrel by 0040 GMT, following a settlement that was 0.35% higher on Friday. U.S. West Texas Intermediate crude traded at $67.36 a barrel, reflecting an increase of 2 cents, subsequent to a 0.30% rise in the prior session.

The European Union sanctioned Russia for the 18th time on Friday, in response to the ongoing conflict in Ukraine. This latest round of sanctions also included India’s Nayara Energy, which exports oil products refined from Russian crude. Kremlin spokesperson Dmitry Peskov stated on Friday that Russia has developed a degree of immunity to Western sanctions. Rosneft, the largest oil producer in Russia and a stakeholder in Nayara, expressed criticism on Sunday regarding the sanctions, deeming them unjustified and illegal. The company asserted that these restrictions pose a direct threat to India’s energy security.

Iran, a sanctioned oil producer, is scheduled to engage in nuclear discussions in Istanbul with representatives from Britain, France, and Germany on Friday, according to a statement from an Iranian Foreign Ministry spokesperson on Monday. This comes in light of alerts issued by the three European nations, indicating that a lack of progress in negotiations could result in the reinstatement of international sanctions against Iran.

In the United States, the count of active oil rigs decreased by two to reach 422 last week, marking the lowest level since September 2021, as reported by Baker Hughes on Friday. In a separate development, U.S. tariffs on imports from the European Union are scheduled to take effect on August 1. However, U.S. Commerce Secretary Howard Lutnick expressed confidence on Sunday that the United States could negotiate a trade agreement with the bloc.