Notizie economiche
21.07.2025

Oil prices fell slightly as sanctions expected to have limited impact

Oil prices show a slight decline, with markets unfazed by the European Union's latest sanctions on Russia. Brent crude slipped 0.5% to $68.85 per barrel, while U.S. West Texas Intermediate fell by 0.55%, to $65.70.

The EU’s newly approved 18th sanctions package targets Russia over its war in Ukraine and includes India's Nayara Energy, which exports fuel refined from Russian crude. However, analysts say the measures are unlikely to significantly affect global oil flows.

Kremlin spokesperson Dmitry Peskov echoed this, claiming Russia has developed resilience to Western sanctions. ING analysts noted the most impactful element could be the EU’s import ban on fuels refined from Russian oil in third countries, though enforcement may be challenging.

Meanwhile, geopolitical tensions remain high. Iran is set to resume nuclear talks with Britain, France, and Germany in Istanbul on Friday, amid warnings that failure to negotiate could trigger renewed sanctions.

In the U.S., oil rig counts fell to 422 - the lowest since September 2021 - signaling potential supply constraints. At the same time, investors are monitoring looming U.S. tariffs on EU imports set to begin August 1. Despite this, Commerce Secretary Howard Lutnick voiced optimism about a possible trade agreement.

Market analyst Tony Sycamore noted that oil is likely to stay within the $64-$70 range this week, with inventory data possibly providing some support. Prices have remained range-bound since a June 24 ceasefire ended the 12-day conflict between Israel and Iran.

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