Oil Rises as Escalating Russia-Ukraine Conflict Fuels Supply Concerns

PUKMEDIA

Oil prices.

Oil prices climbed on Tuesday, 2 September 2025, amid heightened concerns over supply disruptions resulting from the escalating conflict between Russia and Ukraine.

According to Reuters, Brent crude rose by 40 cents, or 0.59%, to $68.55 a barrel by 0149 GMT, while U.S. West Texas Intermediate (WTI) crude advanced $1.05, or 1.64%, to $65.06.

Ukrainian President Volodymyr Zelenskiy announced on Sunday that Ukraine is preparing further strikes deep inside Russian territory, following weeks of intensified attacks on Russian energy assets.

After over three years, the war has seen both sides increase airstrikes in recent weeks. Russia has targeted Ukraine’s energy and transport infrastructure, while Ukraine has intensified strikes on Russian oil refineries and pipelines.

Meanwhile, geopolitical dynamics in Asia could further unsettle global markets. Chinese President Xi Jinping, speaking at a summit alongside Russian and Indian leaders, promoted his vision of a new international security and economic order prioritising the “Global South” in direct opposition to the U.S.-led system.

China and India, the two largest buyers of Russian crude, remain pivotal actors in this equation. While former U.S. President Donald Trump has imposed additional tariffs on Indian imports of Russian oil, China has not faced such measures.

Markets are also awaiting the outcome of the forthcoming OPEC+ meeting scheduled for 7 September, which may provide indications of further output adjustments.



PUKMEDIA